Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,873/mo
Lowest payment- Down payment
- $399,132
- Funds due
- $412,903
- Interest + MI left
- $156,379
- First ends
- Oct 2051
Assumption
Assumption + second
$4,244/mo
+$2,371/mo- Down payment
- $68,132
- Funds due
- $83,293
- Interest + MI left
- $679,055
- First ends
- Oct 2051
New loan
New conventional
$4,675/mo
+$2,802/mo- Down payment
- $68,132
- Funds due
- $79,624
- Interest + MI left
- $927,939
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,868 | $280,868 | $611,868 |
| Second mortgage | — | $331,000 | — |
| First P&I | $1,331.98 | $1,331.98 | $4,236.45 |
| Second P&I | — | $2,371.32 | — |
| Mortgage insurance | $224.36 | $224.36 | $122.37 |
| Taxes, insurance & HOA | $316.58 | $316.58 | $316.58 |
| Total housing payment | $1,872.93 | $4,244.25 | $4,675.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,132
Closing costs & prepaids$15,161
Usable credit−$0
Total buyer cash needed$83,293
Earnest money paid−$0
Remaining funds due$83,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,800.00
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)$449.75
Prepaid interest, first (2 days)$45.86
Prepaid interest, second (2 days)$140.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 2.980%
Interest already paid$45,377Through Nov 2026
Assumption only · ends Oct 2051$156,379
Assumption + second · ends Oct 2051, second Dec 2056$679,055
New conventional · ends Dec 2056$927,939