Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,858/mo
Lowest payment- Down payment
- $310,984
- Funds due
- $326,683
- Interest + MI left
- $227,367
- First ends
- Jul 2051
Assumption
Assumption + second
$4,563/mo
+$1,705/mo- Down payment
- $72,984
- Funds due
- $90,287
- Interest + MI left
- $603,190
- First ends
- Jul 2051
New loan
New conventional
$5,074/mo
+$2,217/mo- Down payment
- $72,984
- Funds due
- $86,807
- Interest + MI left
- $945,898
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,916 | $408,916 | $646,916 |
| Second mortgage | — | $238,000 | — |
| First P&I | $1,965.47 | $1,965.47 | $4,382.43 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | $329.37 | $329.37 | $129.38 |
| Taxes, insurance & HOA | $562.67 | $562.67 | $562.67 |
| Total housing payment | $2,857.50 | $4,562.57 | $5,074.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,984
Closing costs & prepaids$17,303
Usable credit−$0
Total buyer cash needed$90,287
Earnest money paid−$0
Remaining funds due$90,287
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,199.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$864.00
Initial HOA (3 months)$174.00
Prepaid interest, first (7 days)$236.84
Prepaid interest, second (7 days)$353.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 7 moOf the original 30-year loan at 3.02%
Interest already paid$71,674Through Dec 2026
Assumption only · ends Jul 2051$227,367
Assumption + second · ends Jul 2051, second Jan 2057$603,190
New conventional · ends Jan 2057$945,898