Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,048/mo
Lowest payment- Down payment
- $356,253
- Funds due
- $372,861
- Interest + MI left
- $245,667
- First ends
- Nov 2051
Assumption
Assumption + second
$5,025/mo
+$1,977/mo- Down payment
- $80,253
- Funds due
- $98,521
- Interest + MI left
- $681,495
- First ends
- Nov 2051
New loan
New conventional
$5,613/mo
+$2,565/mo- Down payment
- $80,253
- Funds due
- $94,998
- Interest + MI left
- $1,052,388
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $443,746 | $443,746 | $719,746 |
| Second mortgage | — | $276,000 | — |
| First P&I | $2,099.81 | $2,099.81 | $4,875.81 |
| Second P&I | — | $1,977.30 | — |
| Mortgage insurance | $354.60 | $354.60 | $143.95 |
| Taxes, insurance & HOA | $593.67 | $593.67 | $593.67 |
| Total housing payment | $3,048.07 | $5,025.37 | $5,613.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,253
Closing costs & prepaids$18,268
Usable credit−$0
Total buyer cash needed$98,521
Earnest money paid−$0
Remaining funds due$98,521
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,999.99
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)$960.00
Initial HOA (3 months)$171.00
Prepaid interest, first (7 days)$251.90
Prepaid interest, second (7 days)$410.22
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 11 moOf the original 30-year loan at 2.96%
Interest already paid$71,224Through Dec 2026
Assumption only · ends Nov 2051$245,667
Assumption + second · ends Nov 2051, second Jan 2057$681,495
New conventional · ends Jan 2057$1,052,388