Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,342/mo
Lowest payment- Down payment
- $83,396
- Funds due
- $94,568
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$2,648/mo
+$306/mo- Down payment
- $45,396
- Funds due
- $57,827
- Interest + MI left
- $281,855
- First ends
- Jul 2051
New loan
New conventional
$3,157/mo
+$815/mo- Down payment
- $45,396
- Funds due
- $54,363
- Interest + MI left
- $608,024
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,974 | $362,974 | $400,974 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,776.26 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $257.11 | $257.11 | $80.19 |
| Taxes, insurance & HOA | $300.33 | $300.33 | $300.33 |
| Total housing payment | $2,341.79 | $2,647.54 | $3,156.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,396
Closing costs & prepaids$12,431
Usable credit−$0
Total buyer cash needed$57,827
Earnest money paid−$0
Remaining funds due$57,827
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,463.70
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$91.00
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$32.32
Prepaid interest, second (1 days)$9.37
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 8 moOf the original 30-year loan at 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$209,782
Assumption + second · ends Jul 2051, second Dec 2056$281,855
New conventional · ends Dec 2056$608,024