Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,482/mo
Lowest payment- Down payment
- $290,808
- Funds due
- $306,070
- Interest + MI left
- $388,793
- First ends
- Jul 2051
Assumption
Assumption + second
$5,079/mo
+$1,598/mo- Down payment
- $67,808
- Funds due
- $84,509
- Interest + MI left
- $740,929
- First ends
- Jul 2051
New loan
New conventional
$4,949/mo
+$1,467/mo- Down payment
- $67,808
- Funds due
- $80,816
- Interest + MI left
- $868,674
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,182 | $378,182 | $601,182 |
| Second mortgage | — | $223,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $4,044.19 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $267.88 | $267.88 | $120.24 |
| Taxes, insurance & HOA | $784.33 | $784.33 | $784.33 |
| Total housing payment | $3,481.71 | $5,079.31 | $4,948.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,808
Closing costs & prepaids$16,701
Usable credit−$0
Total buyer cash needed$84,509
Earnest money paid−$0
Remaining funds due$84,509
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,689.90
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)$1,706.00
Initial HOA (3 months)$147.00
Prepaid interest, first (4 days)$244.15
Prepaid interest, second (4 days)$189.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 7 moOf the original 30-year loan at 5.891%
Interest already paid$126,100Through Dec 2026
Assumption only · ends Jul 2051$388,793
Assumption + second · ends Jul 2051, second Jan 2057$740,929
New conventional · ends Jan 2057$868,674