Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,554/mo
Lowest payment- Down payment
- $246,280
- Funds due
- $262,673
- Interest + MI left
- $288,989
- First ends
- May 2051
Assumption
Assumption + second
$4,794/mo
+$1,240/mo- Down payment
- $77,280
- Funds due
- $95,182
- Interest + MI left
- $566,411
- First ends
- May 2051
New loan
New conventional
$5,418/mo
+$1,864/mo- Down payment
- $77,280
- Funds due
- $91,744
- Interest + MI left
- $1,005,521
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $518,693 | $518,693 | $687,693 |
| Second mortgage | — | $169,000 | — |
| First P&I | $2,512.67 | $2,512.67 | $4,658.67 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | $419.46 | $419.46 | $137.54 |
| Taxes, insurance & HOA | $621.67 | $621.67 | $621.67 |
| Total housing payment | $3,553.80 | $4,793.87 | $5,417.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,280
Closing costs & prepaids$17,902
Usable credit−$0
Total buyer cash needed$95,182
Earnest money paid−$0
Remaining funds due$95,182
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,649.73
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)$918.00
Initial HOA (3 months)$297.00
Prepaid interest, first (7 days)$303.40
Prepaid interest, second (7 days)$259.29
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 3.05%
Interest already paid$94,857Through Dec 2026
Assumption only · ends May 2051$288,989
Assumption + second · ends May 2051, second Jan 2057$566,411
New conventional · ends Jan 2057$1,005,521