Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,954/mo
Lowest payment- Down payment
- $409,005
- Funds due
- $423,322
- Interest + MI left
- $136,346
- First ends
- Jan 2051
Assumption
Assumption + second
$4,397/mo
+$2,443/mo- Down payment
- $68,005
- Funds due
- $84,224
- Interest + MI left
- $674,814
- First ends
- Jan 2051
New loan
New conventional
$4,703/mo
+$2,749/mo- Down payment
- $68,005
- Funds due
- $80,734
- Interest + MI left
- $887,527
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,995 | $265,995 | $606,995 |
| Second mortgage | — | $341,000 | — |
| First P&I | $1,266.38 | $1,266.38 | $4,112.00 |
| Second P&I | — | $2,442.97 | — |
| Mortgage insurance | $218.31 | $218.31 | $121.40 |
| Taxes, insurance & HOA | $469.67 | $469.67 | $469.67 |
| Total housing payment | $1,954.35 | $4,397.32 | $4,703.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,005
Closing costs & prepaids$16,219
Usable credit−$0
Total buyer cash needed$84,224
Earnest money paid−$0
Remaining funds due$84,224
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$810.00
Initial HOA (3 months)$99.00
Prepaid interest, first (9 days)$183.65
Prepaid interest, second (9 days)$651.64
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 2.8%
Interest already paid$47,708Through Dec 2026
Assumption only · ends Jan 2051$136,346
Assumption + second · ends Jan 2051, second Jan 2057$674,814
New conventional · ends Jan 2057$887,527