Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,123/mo
Lowest payment- Down payment
- $323,720
- Funds due
- $340,165
- Interest + MI left
- $234,867
- First ends
- May 2051
Assumption
Assumption + second
$4,885/mo
+$1,762/mo- Down payment
- $77,720
- Funds due
- $95,781
- Interest + MI left
- $623,322
- First ends
- May 2051
New loan
New conventional
$5,489/mo
+$2,366/mo- Down payment
- $77,720
- Funds due
- $92,305
- Interest + MI left
- $1,019,539
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,280 | $451,280 | $697,280 |
| Second mortgage | — | $246,000 | — |
| First P&I | $2,130.26 | $2,130.26 | $4,723.62 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | $366.76 | $366.76 | $139.46 |
| Taxes, insurance & HOA | $625.67 | $625.67 | $625.67 |
| Total housing payment | $3,122.69 | $4,885.06 | $5,488.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,720
Closing costs & prepaids$18,061
Usable credit−$0
Total buyer cash needed$95,781
Earnest money paid−$0
Remaining funds due$95,781
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,750.00
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)$930.00
Initial HOA (3 months)$297.00
Prepaid interest, first (7 days)$243.20
Prepaid interest, second (7 days)$365.63
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 5 moOf the original 30-year loan at 2.81%
Interest already paid$76,232Through Dec 2026
Assumption only · ends May 2051$234,867
Assumption + second · ends May 2051, second Jan 2057$623,322
New conventional · ends Jan 2057$1,019,539