Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,359/mo
Lowest payment- Down payment
- $696,186
- Funds due
- $719,333
- Interest + MI left
- $291,875
- First ends
- Oct 2051
Assumption
Assumption + second
$8,450/mo
+$4,091/mo- Down payment
- $125,186
- Funds due
- $149,705
- Interest + MI left
- $1,193,532
- First ends
- Oct 2051
New loan
New conventional
$9,356/mo
+$4,997/mo- Down payment
- $125,186
- Funds due
- $145,467
- Interest + MI left
- $1,705,849
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $553,809 | $553,809 | $1,124,809 |
| Second mortgage | — | $571,000 | — |
| First P&I | $2,572.07 | $2,572.07 | $7,787.95 |
| Second P&I | — | $4,090.71 | — |
| Mortgage insurance | $443.97 | $443.97 | $224.96 |
| Taxes, insurance & HOA | $1,343.33 | $1,343.33 | $1,343.33 |
| Total housing payment | $4,359.38 | $8,450.09 | $9,356.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,186
Closing costs & prepaids$24,519
Usable credit−$0
Total buyer cash needed$149,705
Earnest money paid−$0
Remaining funds due$149,705
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$12,499.95
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$3,125.00
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$42.33
Prepaid interest, second (1 days)$121.24
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.790%
Interest already paid$83,925Through Nov 2026
Assumption only · ends Oct 2051$291,875
Assumption + second · ends Oct 2051, second Dec 2056$1,193,532
New conventional · ends Dec 2056$1,705,849