Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,323/mo
Lowest payment- Down payment
- $285,093
- Funds due
- $301,455
- Interest + MI left
- $269,424
- First ends
- Sep 2051
Assumption
Assumption + second
$4,806/mo
+$1,483/mo- Down payment
- $78,093
- Funds due
- $95,969
- Interest + MI left
- $596,294
- First ends
- Sep 2051
New loan
New conventional
$5,475/mo
+$2,152/mo- Down payment
- $78,093
- Funds due
- $92,463
- Interest + MI left
- $1,024,842
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $493,907 | $493,907 | $700,907 |
| Second mortgage | — | $207,000 | — |
| First P&I | $2,340.15 | $2,340.15 | $4,748.19 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $396.71 | $396.71 | $140.18 |
| Taxes, insurance & HOA | $586.25 | $586.25 | $586.25 |
| Total housing payment | $3,323.11 | $4,806.09 | $5,474.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,093
Closing costs & prepaids$17,875
Usable credit−$0
Total buyer cash needed$95,969
Earnest money paid−$0
Remaining funds due$95,969
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,790.00
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)$934.75
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$237.89
Prepaid interest, second (6 days)$263.71
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 2.93%
Interest already paid$81,274Through Dec 2026
Assumption only · ends Sep 2051$269,424
Assumption + second · ends Sep 2051, second Jan 2057$596,294
New conventional · ends Jan 2057$1,024,842