Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,844/mo
Lowest payment- Down payment
- $162,199
- Funds due
- $175,957
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$3,644/mo
+$800/mo- Down payment
- $53,199
- Funds due
- $68,303
- Interest + MI left
- $387,466
- First ends
- Jul 2051
New loan
New conventional
$4,067/mo
+$1,223/mo- Down payment
- $53,199
- Funds due
- $64,863
- Interest + MI left
- $680,818
- 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 | $471,173 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,169.61 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $256.54 | $256.54 | $94.23 |
| Taxes, insurance & HOA | $803.42 | $803.42 | $803.42 |
| Total housing payment | $2,844.30 | $3,644.11 | $4,067.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,199
Closing costs & prepaids$15,104
Usable credit−$0
Total buyer cash needed$68,303
Earnest money paid−$0
Remaining funds due$68,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,243.72
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)$1,337.25
Initial HOA (3 months)$573.00
Prepaid interest, first (4 days)$128.99
Prepaid interest, second (4 days)$95.56
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$387,466
New conventional · ends Jan 2057$680,818