Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,424/mo
Lowest payment- Down payment
- $426,265
- Funds due
- $442,441
- Interest + MI left
- $165,000
- First ends
- Feb 2051
Assumption
Assumption + second
$4,939/mo
+$2,515/mo- Down payment
- $75,265
- Funds due
- $93,362
- Interest + MI left
- $719,259
- First ends
- Feb 2051
New loan
New conventional
$5,332/mo
+$2,908/mo- Down payment
- $75,265
- Funds due
- $89,862
- Interest + MI left
- $986,573
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,734 | $323,734 | $674,734 |
| Second mortgage | — | $351,000 | — |
| First P&I | $1,532.59 | $1,532.59 | $4,570.88 |
| Second P&I | — | $2,514.61 | — |
| Mortgage insurance | $265.23 | $265.23 | $134.95 |
| Taxes, insurance & HOA | $626.67 | $626.67 | $626.67 |
| Total housing payment | $2,424.48 | $4,939.09 | $5,332.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,265
Closing costs & prepaids$18,097
Usable credit−$0
Total buyer cash needed$93,362
Earnest money paid−$0
Remaining funds due$93,362
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)$900.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$221.11
Prepaid interest, second (9 days)$670.75
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$56,575Through Dec 2026
Assumption only · ends Feb 2051$165,000
Assumption + second · ends Feb 2051, second Jan 2057$719,259
New conventional · ends Jan 2057$986,573