Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,796/mo
Lowest payment- Down payment
- $110,817
- Funds due
- $123,915
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$3,302/mo
+$507/mo- Down payment
- $47,817
- Funds due
- $62,227
- Interest + MI left
- $328,026
- First ends
- Jul 2051
New loan
New conventional
$3,700/mo
+$904/mo- Down payment
- $47,817
- Funds due
- $58,839
- Interest + MI left
- $614,351
- 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 | $425,173 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,860.17 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $256.54 | $256.54 | $85.03 |
| Taxes, insurance & HOA | $754.67 | $754.67 | $754.67 |
| Total housing payment | $2,795.55 | $3,302.46 | $3,699.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,817
Closing costs & prepaids$14,410
Usable credit−$0
Total buyer cash needed$62,227
Earnest money paid−$0
Remaining funds due$62,227
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,729.90
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)$1,206.00
Initial HOA (3 months)$558.00
Prepaid interest, first (4 days)$128.99
Prepaid interest, second (4 days)$62.14
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 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$208,537
Assumption + second · ends Jul 2051, second Jan 2057$328,026
New conventional · ends Jan 2057$614,351