Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,683/mo
Lowest payment- Down payment
- $221,692
- Funds due
- $235,640
- Interest + MI left
- $206,365
- First ends
- Sep 2051
Assumption
Assumption + second
$3,864/mo
+$1,181/mo- Down payment
- $60,692
- Funds due
- $76,137
- Interest + MI left
- $470,655
- First ends
- Sep 2051
New loan
New conventional
$4,348/mo
+$1,665/mo- Down payment
- $60,692
- Funds due
- $72,763
- Interest + MI left
- $788,556
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,307 | $378,307 | $539,307 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,792.43 | $1,792.43 | $3,653.45 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $303.86 | $303.86 | $107.86 |
| Taxes, insurance & HOA | $586.67 | $586.67 | $586.67 |
| Total housing payment | $2,682.96 | $3,864.32 | $4,347.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,692
Closing costs & prepaids$15,445
Usable credit−$0
Total buyer cash needed$76,137
Earnest money paid−$0
Remaining funds due$76,137
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
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)$720.00
Initial HOA (3 months)$540.00
Prepaid interest, first (7 days)$212.58
Prepaid interest, second (7 days)$247.01
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 9 moOf the original 30-year loan at 2.93%
Interest already paid$62,252Through Dec 2026
Assumption only · ends Sep 2051$206,365
Assumption + second · ends Sep 2051, second Jan 2057$470,655
New conventional · ends Jan 2057$788,556