Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,546/mo
Lowest payment- Down payment
- $317,459
- Funds due
- $336,830
- Interest + MI left
- $343,822
- First ends
- Sep 2051
Assumption
Assumption + second
$6,151/mo
+$1,605/mo- Down payment
- $93,459
- Funds due
- $114,175
- Interest + MI left
- $697,537
- First ends
- Sep 2051
New loan
New conventional
$7,091/mo
+$2,545/mo- Down payment
- $93,459
- Funds due
- $110,334
- Interest + MI left
- $1,268,669
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $612,540 | $612,540 | $836,540 |
| Second mortgage | — | $224,000 | — |
| First P&I | $2,924.20 | $2,924.20 | $5,792.03 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $490.04 | $490.04 | $167.31 |
| Taxes, insurance & HOA | $1,131.67 | $1,131.67 | $1,131.67 |
| Total housing payment | $4,545.91 | $6,150.67 | $7,091.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,459
Closing costs & prepaids$20,716
Usable credit−$0
Total buyer cash needed$114,175
Earnest money paid−$0
Remaining funds due$114,175
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,299.99
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)$2,325.00
Initial HOA (3 months)$420.00
Prepaid interest, first (2 days)$101.36
Prepaid interest, second (2 days)$95.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 3.020%
Interest already paid$102,022Through Nov 2026
Assumption only · ends Sep 2051$343,822
Assumption + second · ends Sep 2051, second Dec 2056$697,537
New conventional · ends Dec 2056$1,268,669