Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,002/mo
Lowest payment- Down payment
- $256,675
- Funds due
- $271,744
- Interest + MI left
- $192,510
- First ends
- Jan 2051
Assumption
Assumption + second
$4,418/mo
+$1,416/mo- Down payment
- $63,675
- Funds due
- $80,036
- Interest + MI left
- $509,329
- First ends
- Jan 2051
New loan
New conventional
$4,956/mo
+$1,954/mo- Down payment
- $63,675
- Funds due
- $76,393
- Interest + MI left
- $858,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,325 | $373,325 | $566,325 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,774.98 | $1,774.98 | $3,921.12 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $305.59 | $305.59 | $113.27 |
| Taxes, insurance & HOA | $921.67 | $921.67 | $921.67 |
| Total housing payment | $3,002.23 | $4,418.40 | $4,956.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,675
Closing costs & prepaids$16,361
Usable credit−$0
Total buyer cash needed$80,036
Earnest money paid−$0
Remaining funds due$80,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,300.00
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)$1,575.00
Initial HOA (3 months)$690.00
Prepaid interest, first (1 days)$28.74
Prepaid interest, second (1 days)$42.30
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 2 moOf the original 30-year loan at 2.810%
Interest already paid$66,153Through Nov 2026
Assumption only · ends Jan 2051$192,510
Assumption + second · ends Jan 2051, second Dec 2056$509,329
New conventional · ends Dec 2056$858,757