Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,150/mo
Lowest payment- Down payment
- $300,165
- Funds due
- $313,927
- Interest + MI left
- $141,944
- First ends
- Jan 2051
Assumption
Assumption + second
$3,891/mo
+$1,741/mo- Down payment
- $57,165
- Funds due
- $72,641
- Interest + MI left
- $525,661
- First ends
- Jan 2051
New loan
New conventional
$4,208/mo
+$2,059/mo- Down payment
- $57,165
- Funds due
- $69,271
- Interest + MI left
- $749,850
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,835 | $269,835 | $512,835 |
| Second mortgage | — | $243,000 | — |
| First P&I | $1,297.08 | $1,297.08 | $3,474.12 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | $221.02 | $221.02 | $102.57 |
| Taxes, insurance & HOA | $631.67 | $631.67 | $631.67 |
| Total housing payment | $2,149.77 | $3,890.65 | $4,208.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,165
Closing costs & prepaids$15,477
Usable credit−$0
Total buyer cash needed$72,641
Earnest money paid−$0
Remaining funds due$72,641
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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)$684.00
Initial HOA (3 months)$711.00
Prepaid interest, first (9 days)$192.29
Prepaid interest, second (9 days)$464.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 2.89%
Interest already paid$49,900Through Dec 2026
Assumption only · ends Jan 2051$141,944
Assumption + second · ends Jan 2051, second Jan 2057$525,661
New conventional · ends Jan 2057$749,850