Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,159/mo
Lowest payment- Down payment
- $299,519
- Funds due
- $313,139
- Interest + MI left
- $142,726
- First ends
- Jan 2051
Assumption
Assumption + second
$3,893/mo
+$1,734/mo- Down payment
- $57,519
- Funds due
- $72,441
- Interest + MI left
- $524,865
- First ends
- Jan 2051
New loan
New conventional
$4,292/mo
+$2,133/mo- Down payment
- $57,519
- Funds due
- $68,847
- Interest + MI left
- $777,212
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,481 | $270,481 | $512,481 |
| Second mortgage | — | $242,000 | — |
| First P&I | $1,297.08 | $1,297.08 | $3,548.31 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | $221.02 | $221.02 | $102.50 |
| Taxes, insurance & HOA | $641.33 | $641.33 | $641.33 |
| Total housing payment | $2,159.44 | $3,893.15 | $4,292.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,519
Closing costs & prepaids$14,922
Usable credit−$0
Total buyer cash needed$72,441
Earnest money paid−$0
Remaining funds due$72,441
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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)$713.00
Initial HOA (3 months)$711.00
Prepaid interest, first (1 days)$21.42
Prepaid interest, second (1 days)$51.38
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 2.890%
Interest already paid$49,249Through Nov 2026
Assumption only · ends Jan 2051$142,726
Assumption + second · ends Jan 2051, second Dec 2056$524,865
New conventional · ends Dec 2056$777,212