Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,371/mo
Lowest payment- Down payment
- $375,447
- Funds due
- $388,267
- Interest + MI left
- $87,670
- First ends
- Mar 2051
Assumption
Assumption + second
$3,664/mo
+$2,293/mo- Down payment
- $55,447
- Funds due
- $70,128
- Interest + MI left
- $592,977
- First ends
- Mar 2051
New loan
New conventional
$3,859/mo
+$2,487/mo- Down payment
- $55,447
- Funds due
- $66,671
- Interest + MI left
- $723,118
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,553 | $174,553 | $494,553 |
| Second mortgage | — | $320,000 | — |
| First P&I | $819.03 | $819.03 | $3,350.27 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | $142.85 | $142.85 | $98.91 |
| Taxes, insurance & HOA | $409.42 | $409.42 | $409.42 |
| Total housing payment | $1,371.29 | $3,663.81 | $3,858.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,447
Closing costs & prepaids$14,681
Usable credit−$0
Total buyer cash needed$70,128
Earnest money paid−$0
Remaining funds due$70,128
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)$660.00
Initial HOA (3 months)$68.25
Prepaid interest, first (9 days)$116.64
Prepaid interest, second (9 days)$611.51
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 3 moOf the original 30-year loan at 2.71%
Interest already paid$29,398Through Dec 2026
Assumption only · ends Mar 2051$87,670
Assumption + second · ends Mar 2051, second Jan 2057$592,977
New conventional · ends Jan 2057$723,118