Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,554/mo
Lowest payment- Down payment
- $348,410
- Funds due
- $361,204
- Interest + MI left
- $111,888
- First ends
- Sep 2051
Assumption
Assumption + second
$3,653/mo
+$2,099/mo- Down payment
- $55,410
- Funds due
- $69,516
- Interest + MI left
- $574,559
- First ends
- Sep 2051
New loan
New conventional
$3,958/mo
+$2,404/mo- Down payment
- $55,410
- Funds due
- $65,934
- Interest + MI left
- $750,079
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,590 | $201,590 | $494,590 |
| Second mortgage | — | $293,000 | — |
| First P&I | $958.18 | $958.18 | $3,424.44 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | $161.40 | $161.40 | $98.92 |
| Taxes, insurance & HOA | $434.25 | $434.25 | $434.25 |
| Total housing payment | $1,553.82 | $3,652.91 | $3,957.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,410
Closing costs & prepaids$14,106
Usable credit−$0
Total buyer cash needed$69,516
Earnest money paid−$0
Remaining funds due$69,516
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$612.75
Initial HOA (3 months)$189.99
Prepaid interest, first (1 days)$16.46
Prepaid interest, second (1 days)$62.21
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 2.980%
Interest already paid$33,144Through Nov 2026
Assumption only · ends Sep 2051$111,888
Assumption + second · ends Sep 2051, second Dec 2056$574,559
New conventional · ends Dec 2056$750,079