Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,110/mo
Lowest payment- Down payment
- $65,259
- Funds due
- $77,393
- Interest + MI left
- $342,043
- First ends
- Jul 2051
Assumption
Assumption + second
$3,549/mo
+$438/mo- Down payment
- $22,259
- Funds due
- $35,699
- Interest + MI left
- $456,784
- First ends
- Jul 2051
New loan
New conventional
$3,475/mo
+$364/mo- Down payment
- $22,259
- Funds due
- $32,480
- Interest + MI left
- $605,853
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,731 | $374,731 | $417,731 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,264.04 | $2,264.04 | $2,810.10 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $265.43 | $265.43 | $83.55 |
| Taxes, insurance & HOA | $581.00 | $581.00 | $581.00 |
| Total housing payment | $3,110.47 | $3,548.64 | $3,474.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,259
Closing costs & prepaids$13,439
Usable credit−$0
Total buyer cash needed$35,699
Earnest money paid−$0
Remaining funds due$35,699
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.90
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)$1,122.00
Initial HOA (3 months)$171.00
Prepaid interest, first (4 days)$215.60
Prepaid interest, second (4 days)$55.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 7 moOf the original 30-year loan at 5.25%
Interest already paid$111,893Through Dec 2026
Assumption only · ends Jul 2051$342,043
Assumption + second · ends Jul 2051, second Jan 2057$456,784
New conventional · ends Jan 2057$605,853