Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,039/mo
Lowest payment- Down payment
- $547,602
- Funds due
- $564,444
- Interest + MI left
- $119,446
- First ends
- Nov 2051
Assumption
Assumption + second
$5,406/mo
+$3,367/mo- Down payment
- $77,602
- Funds due
- $96,293
- Interest + MI left
- $861,616
- First ends
- Nov 2051
New loan
New conventional
$5,646/mo
+$3,607/mo- Down payment
- $77,602
- Funds due
- $92,580
- Interest + MI left
- $1,010,938
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,398 | $221,398 | $691,398 |
| Second mortgage | — | $470,000 | — |
| First P&I | $1,037.36 | $1,037.36 | $4,683.77 |
| Second P&I | — | $3,367.14 | — |
| Mortgage insurance | $177.22 | $177.22 | $138.28 |
| Taxes, insurance & HOA | $824.25 | $824.25 | $824.25 |
| Total housing payment | $2,038.82 | $5,405.96 | $5,646.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,602
Closing costs & prepaids$18,691
Usable credit−$0
Total buyer cash needed$96,293
Earnest money paid−$0
Remaining funds due$96,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,690.00
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)$922.75
Initial HOA (3 months)$900.00
Prepaid interest, first (6 days)$104.45
Prepaid interest, second (6 days)$598.77
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$34,486Through Dec 2026
Assumption only · ends Nov 2051$119,446
Assumption + second · ends Nov 2051, second Jan 2057$861,616
New conventional · ends Jan 2057$1,010,938