Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,828/mo
Lowest payment- Down payment
- $276,097
- Funds due
- $290,797
- Interest + MI left
- $224,139
- First ends
- Jul 2051
Assumption
Assumption + second
$4,346/mo
+$1,519/mo- Down payment
- $64,097
- Funds due
- $80,227
- Interest + MI left
- $558,905
- First ends
- Jul 2051
New loan
New conventional
$4,718/mo
+$1,890/mo- Down payment
- $64,097
- Funds due
- $76,666
- Interest + MI left
- $832,133
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,893 | $363,893 | $575,893 |
| Second mortgage | — | $212,000 | — |
| First P&I | $1,841.08 | $1,841.08 | $3,874.07 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | $257.76 | $257.76 | $115.18 |
| Taxes, insurance & HOA | $728.67 | $728.67 | $728.67 |
| Total housing payment | $2,827.51 | $4,346.30 | $4,717.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,097
Closing costs & prepaids$16,131
Usable credit−$0
Total buyer cash needed$80,227
Earnest money paid−$0
Remaining funds due$80,227
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,399.90
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)$1,632.00
Initial HOA (3 months)$54.00
Prepaid interest, first (4 days)$139.58
Prepaid interest, second (4 days)$180.05
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 3.5%
Interest already paid$73,564Through Dec 2026
Assumption only · ends Jul 2051$224,139
Assumption + second · ends Jul 2051, second Jan 2057$558,905
New conventional · ends Jan 2057$832,133