Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,465/mo
Lowest payment- Down payment
- $259,396
- Funds due
- $273,284
- Interest + MI left
- $176,933
- First ends
- Sep 2051
Assumption
Assumption + second
$3,905/mo
+$1,440/mo- Down payment
- $58,396
- Funds due
- $73,620
- Interest + MI left
- $494,328
- First ends
- Sep 2051
New loan
New conventional
$4,403/mo
+$1,938/mo- Down payment
- $58,396
- Funds due
- $70,060
- Interest + MI left
- $791,029
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,592 | $320,592 | $521,592 |
| Second mortgage | — | $201,000 | — |
| First P&I | $1,520.49 | $1,520.49 | $3,611.40 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $256.77 | $256.77 | $104.32 |
| Taxes, insurance & HOA | $687.33 | $687.33 | $687.33 |
| Total housing payment | $2,464.59 | $3,904.58 | $4,403.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,396
Closing costs & prepaids$15,224
Usable credit−$0
Total buyer cash needed$73,620
Earnest money paid−$0
Remaining funds due$73,620
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,799.88
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)$1,232.00
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$52.00
Prepaid interest, second (2 days)$85.36
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 2.960%
Interest already paid$52,367Through Nov 2026
Assumption only · ends Sep 2051$176,933
Assumption + second · ends Sep 2051, second Dec 2056$494,328
New conventional · ends Dec 2056$791,029