Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,894/mo
Lowest payment- Down payment
- $332,620
- Funds due
- $348,668
- Interest + MI left
- $206,512
- First ends
- Feb 2051
Assumption
Assumption + second
$4,735/mo
+$1,841/mo- Down payment
- $75,620
- Funds due
- $93,246
- Interest + MI left
- $612,337
- First ends
- Feb 2051
New loan
New conventional
$5,300/mo
+$2,406/mo- Down payment
- $75,620
- Funds due
- $89,725
- Interest + MI left
- $986,055
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,380 | $417,380 | $674,380 |
| Second mortgage | — | $257,000 | — |
| First P&I | $1,954.72 | $1,954.72 | $4,568.49 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | $342.71 | $342.71 | $134.88 |
| Taxes, insurance & HOA | $596.67 | $596.67 | $596.67 |
| Total housing payment | $2,894.09 | $4,735.27 | $5,300.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,620
Closing costs & prepaids$17,626
Usable credit−$0
Total buyer cash needed$93,246
Earnest money paid−$0
Remaining funds due$93,246
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,500.00
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)$900.00
Initial HOA (3 months)$240.00
Prepaid interest, first (6 days)$183.19
Prepaid interest, second (6 days)$327.41
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 2 moOf the original 30-year loan at 2.67%
Interest already paid$70,389Through Dec 2026
Assumption only · ends Feb 2051$206,512
Assumption + second · ends Feb 2051, second Jan 2057$612,337
New conventional · ends Jan 2057$986,055