Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,910/mo
Lowest payment- Down payment
- $435,862
- Funds due
- $450,434
- Interest + MI left
- $139,807
- First ends
- Nov 2051
Assumption
Assumption + second
$4,532/mo
+$2,622/mo- Down payment
- $69,862
- Funds due
- $86,384
- Interest + MI left
- $717,752
- First ends
- Nov 2051
New loan
New conventional
$4,848/mo
+$2,938/mo- Down payment
- $69,862
- Funds due
- $82,859
- Interest + MI left
- $914,055
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,138 | $259,138 | $625,138 |
| Second mortgage | — | $366,000 | — |
| First P&I | $1,214.18 | $1,214.18 | $4,234.90 |
| Second P&I | — | $2,622.07 | — |
| Mortgage insurance | $207.43 | $207.43 | $125.03 |
| Taxes, insurance & HOA | $488.00 | $488.00 | $488.00 |
| Total housing payment | $1,909.61 | $4,531.68 | $4,847.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,862
Closing costs & prepaids$16,522
Usable credit−$0
Total buyer cash needed$86,384
Earnest money paid−$0
Remaining funds due$86,384
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,950.00
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)$834.00
Initial HOA (3 months)$129.99
Prepaid interest, first (9 days)$183.38
Prepaid interest, second (9 days)$699.41
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$40,364Through Dec 2026
Assumption only · ends Nov 2051$139,807
Assumption + second · ends Nov 2051, second Jan 2057$717,752
New conventional · ends Jan 2057$914,055