Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,329/mo
Lowest payment- Down payment
- $718,819
- Funds due
- $737,563
- Interest + MI left
- $171,861
- First ends
- Sep 2051
Assumption
Assumption + second
$6,743/mo
+$4,413/mo- Down payment
- $102,819
- Funds due
- $123,075
- Interest + MI left
- $1,144,577
- First ends
- Sep 2051
New loan
New conventional
$7,192/mo
+$4,863/mo- Down payment
- $102,819
- Funds due
- $119,058
- Interest + MI left
- $1,398,550
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,181 | $306,181 | $922,181 |
| Second mortgage | — | $616,000 | — |
| First P&I | $1,461.68 | $1,461.68 | $6,384.99 |
| Second P&I | — | $4,413.10 | — |
| Mortgage insurance | $244.95 | $244.95 | $184.44 |
| Taxes, insurance & HOA | $622.83 | $622.83 | $622.83 |
| Total housing payment | $2,329.46 | $6,742.56 | $7,192.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$102,819
Closing costs & prepaids$20,256
Usable credit−$0
Total buyer cash needed$123,075
Earnest money paid−$0
Remaining funds due$123,075
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,250.00
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)$693.50
Initial HOA (3 months)$525.00
Prepaid interest, first (2 days)$50.67
Prepaid interest, second (2 days)$261.59
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$50,996Through Nov 2026
Assumption only · ends Sep 2051$171,861
Assumption + second · ends Sep 2051, second Dec 2056$1,144,577
New conventional · ends Dec 2056$1,398,550