Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,358/mo
Lowest payment- Down payment
- $242,355
- Funds due
- $260,777
- Interest + MI left
- $287,464
- First ends
- Jan 2051
Assumption
Assumption + second
$5,547/mo
+$1,189/mo- Down payment
- $80,355
- Funds due
- $100,098
- Interest + MI left
- $553,396
- First ends
- Jan 2051
New loan
New conventional
$6,361/mo
+$2,003/mo- Down payment
- $80,355
- Funds due
- $96,377
- Interest + MI left
- $1,083,664
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $552,645 | $552,645 | $714,645 |
| Second mortgage | — | $162,000 | — |
| First P&I | $2,636.03 | $2,636.03 | $4,948.06 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $452.08 | $452.08 | $142.93 |
| Taxes, insurance & HOA | $1,270.17 | $1,270.17 | $1,270.17 |
| Total housing payment | $4,358.27 | $5,546.97 | $6,361.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,355
Closing costs & prepaids$19,743
Usable credit−$0
Total buyer cash needed$100,098
Earnest money paid−$0
Remaining funds due$100,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,950.00
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)$1,987.50
Initial HOA (3 months)$1,173.00
Prepaid interest, first (2 days)$86.00
Prepaid interest, second (2 days)$71.01
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 2 moOf the original 30-year loan at 2.840%
Interest already paid$98,940Through Nov 2026
Assumption only · ends Jan 2051$287,464
Assumption + second · ends Jan 2051, second Dec 2056$553,396
New conventional · ends Dec 2056$1,083,664