Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,570/mo
Lowest payment- Down payment
- $419,334
- Funds due
- $433,021
- Interest + MI left
- $110,562
- First ends
- Oct 2051
Assumption
Assumption + second
$4,120/mo
+$2,550/mo- Down payment
- $63,334
- Funds due
- $78,952
- Interest + MI left
- $672,716
- First ends
- Oct 2051
New loan
New conventional
$4,356/mo
+$2,786/mo- Down payment
- $63,334
- Funds due
- $75,437
- Interest + MI left
- $821,102
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,566 | $205,566 | $561,566 |
| Second mortgage | — | $356,000 | — |
| First P&I | $965.39 | $965.39 | $3,804.24 |
| Second P&I | — | $2,550.43 | — |
| Mortgage insurance | $164.92 | $164.92 | $112.31 |
| Taxes, insurance & HOA | $439.34 | $439.34 | $439.34 |
| Total housing payment | $1,569.65 | $4,120.08 | $4,355.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,334
Closing costs & prepaids$15,618
Usable credit−$0
Total buyer cash needed$78,952
Earnest money paid−$0
Remaining funds due$78,952
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,249.00
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)$750.00
Initial HOA (3 months)$68.01
Prepaid interest, first (9 days)$145.47
Prepaid interest, second (9 days)$680.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.87%
Interest already paid$32,586Through Dec 2026
Assumption only · ends Oct 2051$110,562
Assumption + second · ends Oct 2051, second Jan 2057$672,716
New conventional · ends Jan 2057$821,102