Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,119/mo
Lowest payment- Down payment
- $75,259
- Funds due
- $87,518
- Interest + MI left
- $342,043
- First ends
- Jul 2051
Assumption
Assumption + second
$3,360/mo
+$241/mo- Down payment
- $45,259
- Funds due
- $58,798
- Interest + MI left
- $398,942
- First ends
- Jul 2051
New loan
New conventional
$3,393/mo
+$274/mo- Down payment
- $45,259
- Funds due
- $55,365
- Interest + MI left
- $584,813
- 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 | $404,731 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,264.04 | $2,264.04 | $2,722.65 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $265.43 | $265.43 | $80.95 |
| Taxes, insurance & HOA | $589.50 | $589.50 | $589.50 |
| Total housing payment | $3,118.97 | $3,360.36 | $3,393.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,259
Closing costs & prepaids$13,539
Usable credit−$0
Total buyer cash needed$58,798
Earnest money paid−$0
Remaining funds due$58,798
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.90
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)$1,147.50
Initial HOA (3 months)$171.00
Prepaid interest, first (4 days)$215.60
Prepaid interest, second (4 days)$29.59
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$398,942
New conventional · ends Jan 2057$584,813