Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,854/mo
Lowest payment- Down payment
- $308,212
- Funds due
- $323,826
- Interest + MI left
- $163,800
- First ends
- Jan 2051
Assumption
Assumption + second
$4,609/mo
+$1,755/mo- Down payment
- $63,212
- Funds due
- $80,388
- Interest + MI left
- $550,675
- First ends
- Jan 2051
New loan
New conventional
$4,999/mo
+$2,145/mo- Down payment
- $63,212
- Funds due
- $76,910
- Interest + MI left
- $821,427
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,788 | $316,788 | $561,788 |
| Second mortgage | — | $245,000 | — |
| First P&I | $1,513.05 | $1,513.05 | $3,805.75 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | $259.82 | $259.82 | $112.36 |
| Taxes, insurance & HOA | $1,080.67 | $1,080.67 | $1,080.67 |
| Total housing payment | $2,853.54 | $4,608.75 | $4,998.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,212
Closing costs & prepaids$17,176
Usable credit−$0
Total buyer cash needed$80,388
Earnest money paid−$0
Remaining funds due$80,388
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Initial HOA (3 months)$1,992.00
Prepaid interest, first (6 days)$147.37
Prepaid interest, second (6 days)$312.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 2.83%
Interest already paid$57,407Through Dec 2026
Assumption only · ends Jan 2051$163,800
Assumption + second · ends Jan 2051, second Jan 2057$550,675
New conventional · ends Jan 2057$821,427