Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,964/mo
Lowest payment- Down payment
- $408,104
- Funds due
- $422,756
- Interest + MI left
- $107,318
- First ends
- Apr 2051
Assumption
Assumption + second
$4,435/mo
+$2,472/mo- Down payment
- $63,104
- Funds due
- $79,446
- Interest + MI left
- $652,102
- First ends
- Apr 2051
New loan
New conventional
$4,697/mo
+$2,733/mo- Down payment
- $63,104
- Funds due
- $75,894
- Interest + MI left
- $821,585
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,896 | $216,896 | $561,896 |
| Second mortgage | — | $345,000 | — |
| First P&I | $1,008.64 | $1,008.64 | $3,806.48 |
| Second P&I | — | $2,471.62 | — |
| Mortgage insurance | $177.30 | $177.30 | $112.38 |
| Taxes, insurance & HOA | $777.67 | $777.67 | $777.67 |
| Total housing payment | $1,963.60 | $4,435.23 | $4,696.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,104
Closing costs & prepaids$16,342
Usable credit−$0
Total buyer cash needed$79,446
Earnest money paid−$0
Remaining funds due$79,446
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Initial HOA (3 months)$1,083.00
Prepaid interest, first (6 days)$94.48
Prepaid interest, second (6 days)$439.52
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 4 moOf the original 30-year loan at 2.65%
Interest already paid$35,179Through Dec 2026
Assumption only · ends Apr 2051$107,318
Assumption + second · ends Apr 2051, second Jan 2057$652,102
New conventional · ends Jan 2057$821,585