Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,962/mo
Lowest payment- Down payment
- $408,360
- Funds due
- $422,538
- Interest + MI left
- $137,097
- First ends
- Jan 2051
Assumption
Assumption + second
$4,398/mo
+$2,436/mo- Down payment
- $68,360
- Funds due
- $83,860
- Interest + MI left
- $673,985
- First ends
- Jan 2051
New loan
New conventional
$4,799/mo
+$2,837/mo- Down payment
- $68,360
- Funds due
- $80,157
- Interest + MI left
- $919,889
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,640 | $266,640 | $606,640 |
| Second mortgage | — | $340,000 | — |
| First P&I | $1,266.38 | $1,266.38 | $4,200.25 |
| Second P&I | — | $2,435.80 | — |
| Mortgage insurance | $218.31 | $218.31 | $121.33 |
| Taxes, insurance & HOA | $477.42 | $477.42 | $477.42 |
| Total housing payment | $1,962.10 | $4,397.90 | $4,799.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,360
Closing costs & prepaids$15,500
Usable credit−$0
Total buyer cash needed$83,860
Earnest money paid−$0
Remaining funds due$83,860
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$833.25
Initial HOA (3 months)$99.00
Prepaid interest, first (1 days)$20.45
Prepaid interest, second (1 days)$72.19
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 2 moOf the original 30-year loan at 2.800%
Interest already paid$47,086Through Nov 2026
Assumption only · ends Jan 2051$137,097
Assumption + second · ends Jan 2051, second Dec 2056$673,985
New conventional · ends Dec 2056$919,889