Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,358/mo
Lowest payment- Down payment
- $90,751
- Funds due
- $102,246
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$2,721/mo
+$362/mo- Down payment
- $45,751
- Funds due
- $58,508
- Interest + MI left
- $295,131
- First ends
- Jul 2051
New loan
New conventional
$3,223/mo
+$865/mo- Down payment
- $45,751
- Funds due
- $55,039
- Interest + MI left
- $618,720
- 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 | $407,974 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,824.73 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $257.11 | $257.11 | $81.59 |
| Taxes, insurance & HOA | $317.00 | $317.00 | $317.00 |
| Total housing payment | $2,358.45 | $2,720.53 | $3,223.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,751
Closing costs & prepaids$12,757
Usable credit−$0
Total buyer cash needed$58,508
Earnest money paid−$0
Remaining funds due$58,508
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,537.25
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)$91.00
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$32.32
Prepaid interest, second (1 days)$11.10
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$295,131
New conventional · ends Dec 2056$618,720