Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $375,349
- Funds due
- $389,173
- Interest + MI left
- $138,519
- First ends
- Sep 2051
Assumption
Assumption + second
$4,098/mo
+$2,235/mo- Down payment
- $63,349
- Funds due
- $79,019
- Interest + MI left
- $631,193
- First ends
- Sep 2051
New loan
New conventional
$4,389/mo
+$2,526/mo- Down payment
- $63,349
- Funds due
- $75,550
- Interest + MI left
- $821,227
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,651 | $249,651 | $561,651 |
| Second mortgage | — | $312,000 | — |
| First P&I | $1,190.62 | $1,190.62 | $3,804.82 |
| Second P&I | — | $2,235.21 | — |
| Mortgage insurance | $200.29 | $200.29 | $112.33 |
| Taxes, insurance & HOA | $471.67 | $471.67 | $471.67 |
| Total housing payment | $1,862.57 | $4,097.78 | $4,388.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,349
Closing costs & prepaids$15,670
Usable credit−$0
Total buyer cash needed$79,019
Earnest money paid−$0
Remaining funds due$79,019
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$184.06
Prepaid interest, second (9 days)$596.22
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 9 moOf the original 30-year loan at 2.99%
Interest already paid$41,897Through Dec 2026
Assumption only · ends Sep 2051$138,519
Assumption + second · ends Sep 2051, second Jan 2057$631,193
New conventional · ends Jan 2057$821,227