Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,293/mo
Lowest payment- Down payment
- $425,481
- Funds due
- $441,067
- Interest + MI left
- $165,907
- First ends
- Feb 2051
Assumption
Assumption + second
$4,801/mo
+$2,507/mo- Down payment
- $75,481
- Funds due
- $92,392
- Interest + MI left
- $718,586
- First ends
- Feb 2051
New loan
New conventional
$5,301/mo
+$3,007/mo- Down payment
- $75,481
- Funds due
- $88,624
- Interest + MI left
- $1,022,952
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,518 | $324,518 | $674,518 |
| Second mortgage | — | $350,000 | — |
| First P&I | $1,532.59 | $1,532.59 | $4,670.23 |
| Second P&I | — | $2,507.44 | — |
| Mortgage insurance | $265.23 | $265.23 | $134.90 |
| Taxes, insurance & HOA | $495.42 | $495.42 | $495.42 |
| Total housing payment | $2,293.23 | $4,800.68 | $5,300.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,481
Closing costs & prepaids$16,910
Usable credit−$0
Total buyer cash needed$92,392
Earnest money paid−$0
Remaining funds due$92,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,499.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$506.25
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$24.63
Prepaid interest, second (1 days)$74.32
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 3 moOf the original 30-year loan at 2.770%
Interest already paid$55,826Through Nov 2026
Assumption only · ends Feb 2051$165,907
Assumption + second · ends Feb 2051, second Dec 2056$718,586
New conventional · ends Dec 2056$1,022,952