Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,686/mo
Lowest payment- Down payment
- $148,817
- Funds due
- $161,998
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$3,466/mo
+$780/mo- Down payment
- $51,817
- Funds due
- $66,368
- Interest + MI left
- $392,511
- First ends
- Jul 2051
New loan
New conventional
$3,847/mo
+$1,162/mo- Down payment
- $51,817
- Funds due
- $62,970
- Interest + MI left
- $671,387
- 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 | $459,173 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,110.60 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $256.54 | $256.54 | $91.83 |
| Taxes, insurance & HOA | $645.00 | $645.00 | $645.00 |
| Total housing payment | $2,685.88 | $3,466.37 | $3,847.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,817
Closing costs & prepaids$14,551
Usable credit−$0
Total buyer cash needed$66,368
Earnest money paid−$0
Remaining funds due$66,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,109.90
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)$1,303.00
Initial HOA (3 months)$132.00
Prepaid interest, first (5 days)$161.24
Prepaid interest, second (5 days)$119.59
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$392,511
New conventional · ends Jan 2057$671,387