Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,809/mo
Lowest payment- Down payment
- $439,269
- Funds due
- $453,416
- Interest + MI left
- $140,562
- First ends
- Nov 2051
Assumption
Assumption + second
$4,452/mo
+$2,644/mo- Down payment
- $70,269
- Funds due
- $85,744
- Interest + MI left
- $723,244
- First ends
- Nov 2051
New loan
New conventional
$4,866/mo
+$3,057/mo- Down payment
- $70,269
- Funds due
- $82,020
- Interest + MI left
- $953,513
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,731 | $259,731 | $628,731 |
| Second mortgage | — | $369,000 | — |
| First P&I | $1,214.18 | $1,214.18 | $4,353.21 |
| Second P&I | — | $2,643.56 | — |
| Mortgage insurance | $207.43 | $207.43 | $125.75 |
| Taxes, insurance & HOA | $387.08 | $387.08 | $387.08 |
| Total housing payment | $1,808.69 | $4,452.25 | $4,866.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,269
Closing costs & prepaids$15,475
Usable credit−$0
Total buyer cash needed$85,744
Earnest money paid−$0
Remaining funds due$85,744
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$531.25
Initial HOA (3 months)$129.99
Prepaid interest, first (1 days)$20.42
Prepaid interest, second (1 days)$78.35
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 closing25 yrOf the original 30-year loan at 2.870%
Interest already paid$39,743Through Nov 2026
Assumption only · ends Nov 2051$140,562
Assumption + second · ends Nov 2051, second Dec 2056$723,244
New conventional · ends Dec 2056$953,513