Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,772/mo
Lowest payment- Down payment
- $385,002
- Funds due
- $401,410
- Interest + MI left
- $136,804
- First ends
- Jan 2051
Assumption
Assumption + second
$5,065/mo
+$2,293/mo- Down payment
- $65,002
- Funds due
- $82,796
- Interest + MI left
- $642,111
- First ends
- Jan 2051
New loan
New conventional
$5,446/mo
+$2,674/mo- Down payment
- $65,002
- Funds due
- $79,155
- Interest + MI left
- $879,606
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,998 | $259,998 | $579,998 |
| Second mortgage | — | $320,000 | — |
| First P&I | $1,245.48 | $1,245.48 | $4,015.79 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | $212.50 | $212.50 | $116.00 |
| Taxes, insurance & HOA | $1,314.17 | $1,314.17 | $1,314.17 |
| Total housing payment | $2,772.15 | $5,064.67 | $5,445.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,002
Closing costs & prepaids$17,794
Usable credit−$0
Total buyer cash needed$82,796
Earnest money paid−$0
Remaining funds due$82,796
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,450.00
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)$1,612.50
Initial HOA (3 months)$1,830.00
Prepaid interest, first (2 days)$41.03
Prepaid interest, second (2 days)$135.89
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 2.880%
Interest already paid$47,182Through Nov 2026
Assumption only · ends Jan 2051$136,804
Assumption + second · ends Jan 2051, second Dec 2056$642,111
New conventional · ends Dec 2056$879,606