Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,081/mo
Lowest payment- Down payment
- $426,058
- Funds due
- $440,785
- Interest + MI left
- $139,056
- First ends
- Apr 2051
Assumption
Assumption + second
$4,631/mo
+$2,550/mo- Down payment
- $70,058
- Funds due
- $86,111
- Interest + MI left
- $701,210
- First ends
- Apr 2051
New loan
New conventional
$5,060/mo
+$2,979/mo- Down payment
- $70,058
- Funds due
- $82,391
- Interest + MI left
- $953,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,742 | $272,742 | $628,742 |
| Second mortgage | — | $356,000 | — |
| First P&I | $1,277.73 | $1,277.73 | $4,353.28 |
| Second P&I | — | $2,550.43 | — |
| Mortgage insurance | $221.98 | $221.98 | $125.75 |
| Taxes, insurance & HOA | $581.16 | $581.16 | $581.16 |
| Total housing payment | $2,080.88 | $4,631.30 | $5,060.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,058
Closing costs & prepaids$16,053
Usable credit−$0
Total buyer cash needed$86,111
Earnest money paid−$0
Remaining funds due$86,111
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,988.00
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)$933.50
Initial HOA (3 months)$309.99
Prepaid interest, first (1 days)$20.47
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$44,960Through Nov 2026
Assumption only · ends Apr 2051$139,056
Assumption + second · ends Apr 2051, second Dec 2056$701,210
New conventional · ends Dec 2056$953,530