Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,419/mo
Lowest payment- Down payment
- $418,861
- Funds due
- $431,968
- Interest + MI left
- $111,160
- First ends
- Oct 2051
Assumption
Assumption + second
$3,969/mo
+$2,550/mo- Down payment
- $62,861
- Funds due
- $77,293
- Interest + MI left
- $673,314
- First ends
- Oct 2051
New loan
New conventional
$4,293/mo
+$2,874/mo- Down payment
- $62,861
- Funds due
- $73,637
- Interest + MI left
- $852,370
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,039 | $206,039 | $562,039 |
| Second mortgage | — | $356,000 | — |
| First P&I | $965.39 | $965.39 | $3,891.44 |
| Second P&I | — | $2,550.43 | — |
| Mortgage insurance | $164.92 | $164.92 | $112.41 |
| Taxes, insurance & HOA | $288.75 | $288.75 | $288.75 |
| Total housing payment | $1,419.07 | $3,969.49 | $4,292.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,861
Closing costs & prepaids$14,432
Usable credit−$0
Total buyer cash needed$77,293
Earnest money paid−$0
Remaining funds due$77,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,249.00
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)$298.25
Initial HOA (3 months)$68.01
Prepaid interest, first (1 days)$16.20
Prepaid interest, second (1 days)$75.59
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$32,093Through Nov 2026
Assumption only · ends Oct 2051$111,160
Assumption + second · ends Oct 2051, second Dec 2056$673,314
New conventional · ends Dec 2056$852,370