Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,047/mo
Lowest payment- Down payment
- $421,713
- Funds due
- $436,452
- Interest + MI left
- $138,300
- First ends
- Apr 2051
Assumption
Assumption + second
$4,569/mo
+$2,522/mo- Down payment
- $69,713
- Funds due
- $86,375
- Interest + MI left
- $694,137
- First ends
- Apr 2051
New loan
New conventional
$4,900/mo
+$2,853/mo- Down payment
- $69,713
- Funds due
- $82,876
- Interest + MI left
- $912,518
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,087 | $272,087 | $624,087 |
| Second mortgage | — | $352,000 | — |
| First P&I | $1,277.73 | $1,277.73 | $4,227.78 |
| Second P&I | — | $2,521.77 | — |
| Mortgage insurance | $221.98 | $221.98 | $124.82 |
| Taxes, insurance & HOA | $547.50 | $547.50 | $547.50 |
| Total housing payment | $2,047.21 | $4,568.98 | $4,900.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,713
Closing costs & prepaids$16,662
Usable credit−$0
Total buyer cash needed$86,375
Earnest money paid−$0
Remaining funds due$86,375
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,938.00
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)$832.50
Initial HOA (3 months)$309.99
Prepaid interest, first (9 days)$183.83
Prepaid interest, second (9 days)$672.66
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$45,583Through Dec 2026
Assumption only · ends Apr 2051$138,300
Assumption + second · ends Apr 2051, second Jan 2057$694,137
New conventional · ends Jan 2057$912,518