Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,725/mo
Lowest payment- Down payment
- $57,817
- Funds due
- $70,005
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$3,092/mo
+$367/mo- Down payment
- $21,817
- Funds due
- $35,314
- Interest + MI left
- $304,600
- First ends
- Jul 2051
New loan
New conventional
$3,461/mo
+$736/mo- Down payment
- $21,817
- Funds due
- $32,217
- Interest + MI left
- $584,265
- 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 | $398,173 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,697.36 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $256.54 | $256.54 | $79.63 |
| Taxes, insurance & HOA | $684.00 | $684.00 | $684.00 |
| Total housing payment | $2,724.88 | $3,091.73 | $3,461.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,817
Closing costs & prepaids$13,497
Usable credit−$0
Total buyer cash needed$35,314
Earnest money paid−$0
Remaining funds due$35,314
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.90
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,071.00
Initial HOA (3 months)$531.00
Prepaid interest, first (5 days)$161.24
Prepaid interest, second (5 days)$58.56
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$304,600
New conventional · ends Jan 2057$584,265