Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,508/mo
Lowest payment- Down payment
- $719,510
- Funds due
- $738,967
- Interest + MI left
- $170,934
- First ends
- Sep 2051
Assumption
Assumption + second
$6,929/mo
+$4,420/mo- Down payment
- $102,510
- Funds due
- $124,396
- Interest + MI left
- $1,145,229
- First ends
- Sep 2051
New loan
New conventional
$7,235/mo
+$4,727/mo- Down payment
- $102,510
- Funds due
- $120,548
- Interest + MI left
- $1,348,833
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,490 | $305,490 | $922,490 |
| Second mortgage | — | $617,000 | — |
| First P&I | $1,461.68 | $1,461.68 | $6,249.27 |
| Second P&I | — | $4,420.26 | — |
| Mortgage insurance | $244.95 | $244.95 | $184.50 |
| Taxes, insurance & HOA | $801.67 | $801.67 | $801.67 |
| Total housing payment | $2,508.29 | $6,928.56 | $7,235.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$102,510
Closing costs & prepaids$21,887
Usable credit−$0
Total buyer cash needed$124,396
Earnest money paid−$0
Remaining funds due$124,396
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,250.00
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)$1,230.00
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$227.49
Prepaid interest, second (9 days)$1,179.06
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 9 moOf the original 30-year loan at 3.02%
Interest already paid$51,767Through Dec 2026
Assumption only · ends Sep 2051$170,934
Assumption + second · ends Sep 2051, second Jan 2057$1,145,229
New conventional · ends Jan 2057$1,348,833