Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,824/mo
Lowest payment- Down payment
- $374,782
- Funds due
- $388,325
- Interest + MI left
- $139,270
- First ends
- Sep 2051
Assumption
Assumption + second
$4,059/mo
+$2,235/mo- Down payment
- $62,782
- Funds due
- $77,641
- Interest + MI left
- $631,944
- First ends
- Sep 2051
New loan
New conventional
$4,438/mo
+$2,614/mo- Down payment
- $62,782
- Funds due
- $73,991
- Interest + MI left
- $852,641
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,218 | $250,218 | $562,218 |
| Second mortgage | — | $312,000 | — |
| First P&I | $1,190.62 | $1,190.62 | $3,892.68 |
| Second P&I | — | $2,235.21 | — |
| Mortgage insurance | $200.29 | $200.29 | $112.44 |
| Taxes, insurance & HOA | $432.67 | $432.67 | $432.67 |
| Total housing payment | $1,823.57 | $4,058.78 | $4,437.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,782
Closing costs & prepaids$14,860
Usable credit−$0
Total buyer cash needed$77,641
Earnest money paid−$0
Remaining funds due$77,641
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$633.00
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$20.50
Prepaid interest, second (1 days)$66.25
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 10 moOf the original 30-year loan at 2.990%
Interest already paid$41,274Through Nov 2026
Assumption only · ends Sep 2051$139,270
Assumption + second · ends Sep 2051, second Dec 2056$631,944
New conventional · ends Dec 2056$852,641