Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,507/mo
Lowest payment- Down payment
- $394,192
- Funds due
- $412,103
- Interest + MI left
- $278,279
- First ends
- Sep 2051
Assumption
Assumption + second
$5,685/mo
+$2,178/mo- Down payment
- $90,192
- Funds due
- $109,741
- Interest + MI left
- $758,321
- First ends
- Sep 2051
New loan
New conventional
$6,345/mo
+$2,837/mo- Down payment
- $90,192
- Funds due
- $106,111
- Interest + MI left
- $1,184,073
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $505,808 | $505,808 | $809,808 |
| Second mortgage | — | $304,000 | — |
| First P&I | $2,404.39 | $2,404.39 | $5,485.92 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | $406.03 | $406.03 | $161.96 |
| Taxes, insurance & HOA | $696.67 | $696.67 | $696.67 |
| Total housing payment | $3,507.09 | $5,684.99 | $6,344.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,192
Closing costs & prepaids$19,548
Usable credit−$0
Total buyer cash needed$109,741
Earnest money paid−$0
Remaining funds due$109,741
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,000.00
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)$1,080.00
Initial HOA (3 months)$360.00
Prepaid interest, first (6 days)$246.11
Prepaid interest, second (6 days)$387.29
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 2.96%
Interest already paid$84,059Through Dec 2026
Assumption only · ends Sep 2051$278,279
Assumption + second · ends Sep 2051, second Jan 2057$758,321
New conventional · ends Jan 2057$1,184,073