Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,490/mo
Lowest payment- Down payment
- $283,649
- Funds due
- $300,393
- Interest + MI left
- $277,656
- First ends
- Sep 2051
Assumption
Assumption + second
$4,944/mo
+$1,454/mo- Down payment
- $80,649
- Funds due
- $98,902
- Interest + MI left
- $598,210
- First ends
- Sep 2051
New loan
New conventional
$5,659/mo
+$2,169/mo- Down payment
- $80,649
- Funds due
- $95,392
- Interest + MI left
- $1,051,809
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,350 | $516,350 | $719,350 |
| Second mortgage | — | $203,000 | — |
| First P&I | $2,433.17 | $2,433.17 | $4,873.13 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | $415.14 | $415.14 | $143.87 |
| Taxes, insurance & HOA | $641.67 | $641.67 | $641.67 |
| Total housing payment | $3,489.98 | $4,944.29 | $5,658.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,649
Closing costs & prepaids$18,253
Usable credit−$0
Total buyer cash needed$98,902
Earnest money paid−$0
Remaining funds due$98,902
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)$315.00
Prepaid interest, first (6 days)$244.45
Prepaid interest, second (6 days)$258.62
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 9 moOf the original 30-year loan at 2.88%
Interest already paid$83,560Through Dec 2026
Assumption only · ends Sep 2051$277,656
Assumption + second · ends Sep 2051, second Jan 2057$598,210
New conventional · ends Jan 2057$1,051,809