Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,172/mo
Lowest payment- Down payment
- $207,161
- Funds due
- $221,764
- Interest + MI left
- $260,588
- First ends
- Aug 2051
Assumption
Assumption + second
$4,185/mo
+$1,013/mo- Down payment
- $69,161
- Funds due
- $85,195
- Interest + MI left
- $487,122
- First ends
- Aug 2051
New loan
New conventional
$4,811/mo
+$1,639/mo- Down payment
- $69,161
- Funds due
- $81,768
- Interest + MI left
- $900,458
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $477,839 | $477,839 | $615,839 |
| Second mortgage | — | $138,000 | — |
| First P&I | $2,271.71 | $2,271.71 | $4,171.91 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $384.61 | $384.61 | $123.17 |
| Taxes, insurance & HOA | $515.67 | $515.67 | $515.67 |
| Total housing payment | $3,171.98 | $4,184.58 | $4,810.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,161
Closing costs & prepaids$16,034
Usable credit−$0
Total buyer cash needed$85,195
Earnest money paid−$0
Remaining funds due$85,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,850.00
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)$822.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$230.93
Prepaid interest, second (6 days)$181.48
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 8 moOf the original 30-year loan at 2.94%
Interest already paid$80,245Through Dec 2026
Assumption only · ends Aug 2051$260,588
Assumption + second · ends Aug 2051, second Jan 2057$487,122
New conventional · ends Jan 2057$900,458