Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,879/mo
Lowest payment- Down payment
- $182,817
- Funds due
- $196,917
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$3,818/mo
+$939/mo- Down payment
- $54,817
- Funds due
- $70,307
- Interest + MI left
- $418,656
- First ends
- Jul 2051
New loan
New conventional
$4,257/mo
+$1,378/mo- Down payment
- $54,817
- Funds due
- $66,890
- Interest + MI left
- $716,714
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,173 | $362,173 | $490,173 |
| Second mortgage | — | $128,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,320.60 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $256.54 | $256.54 | $98.03 |
| Taxes, insurance & HOA | $837.92 | $837.92 | $837.92 |
| Total housing payment | $2,878.80 | $3,818.02 | $4,256.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,817
Closing costs & prepaids$15,490
Usable credit−$0
Total buyer cash needed$70,307
Earnest money paid−$0
Remaining funds due$70,307
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,449.90
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)$1,389.75
Initial HOA (3 months)$624.00
Prepaid interest, first (5 days)$161.24
Prepaid interest, second (5 days)$140.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$208,537
Assumption + second · ends Jul 2051, second Jan 2057$418,656
New conventional · ends Jan 2057$716,714