Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,486/mo
Lowest payment- Down payment
- $258,337
- Funds due
- $274,843
- Interest + MI left
- $279,367
- First ends
- Sep 2051
Assumption
Assumption + second
$4,807/mo
+$1,321/mo- Down payment
- $78,337
- Funds due
- $96,369
- Interest + MI left
- $574,847
- First ends
- Sep 2051
New loan
New conventional
$5,490/mo
+$2,003/mo- Down payment
- $78,337
- Funds due
- $92,931
- Interest + MI left
- $1,018,473
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,551 | $516,551 | $696,551 |
| Second mortgage | — | $180,000 | — |
| First P&I | $2,439.44 | $2,439.44 | $4,718.68 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $415.14 | $415.14 | $139.31 |
| Taxes, insurance & HOA | $631.58 | $631.58 | $631.58 |
| Total housing payment | $3,486.16 | $4,806.94 | $5,489.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,337
Closing costs & prepaids$18,032
Usable credit−$0
Total buyer cash needed$96,369
Earnest money paid−$0
Remaining funds due$96,369
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,748.88
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)$929.75
Initial HOA (3 months)$315.00
Prepaid interest, first (7 days)$287.29
Prepaid interest, second (7 days)$276.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.9%
Interest already paid$84,156Through Dec 2026
Assumption only · ends Sep 2051$279,367
Assumption + second · ends Sep 2051, second Jan 2057$574,847
New conventional · ends Jan 2057$1,018,473