Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,570/mo
Lowest payment- Down payment
- $348,867
- Funds due
- $361,840
- Interest + MI left
- $111,284
- First ends
- Sep 2051
Assumption
Assumption + second
$3,669/mo
+$2,099/mo- Down payment
- $55,867
- Funds due
- $70,650
- Interest + MI left
- $573,956
- First ends
- Sep 2051
New loan
New conventional
$3,896/mo
+$2,327/mo- Down payment
- $55,867
- Funds due
- $67,208
- Interest + MI left
- $722,405
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,133 | $201,133 | $494,133 |
| Second mortgage | — | $293,000 | — |
| First P&I | $958.18 | $958.18 | $3,347.43 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | $161.40 | $161.40 | $98.83 |
| Taxes, insurance & HOA | $450.00 | $450.00 | $450.00 |
| Total housing payment | $1,569.57 | $3,668.66 | $3,896.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,867
Closing costs & prepaids$14,783
Usable credit−$0
Total buyer cash needed$70,650
Earnest money paid−$0
Remaining funds due$70,650
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$189.99
Prepaid interest, first (9 days)$147.79
Prepaid interest, second (9 days)$559.91
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 2.98%
Interest already paid$33,645Through Dec 2026
Assumption only · ends Sep 2051$111,284
Assumption + second · ends Sep 2051, second Jan 2057$573,956
New conventional · ends Jan 2057$722,405