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
- $132,121
- Funds due
- $144,030
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$3,018/mo
+$660/mo- Down payment
- $50,121
- Funds due
- $63,300
- Interest + MI left
- $365,307
- First ends
- Jul 2051
New loan
New conventional
$3,487/mo
+$1,128/mo- Down payment
- $50,121
- Funds due
- $59,787
- Interest + MI left
- $674,744
- 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 | $444,974 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,080.91 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $257.11 | $257.11 | $88.99 |
| Taxes, insurance & HOA | $317.00 | $317.00 | $317.00 |
| Total housing payment | $2,358.45 | $3,018.24 | $3,486.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,121
Closing costs & prepaids$13,179
Usable credit−$0
Total buyer cash needed$63,300
Earnest money paid−$0
Remaining funds due$63,300
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.95
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)$20.22
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$365,307
New conventional · ends Dec 2056$674,744