Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,713/mo
Lowest payment- Down payment
- $176,857
- Funds due
- $190,399
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$3,608/mo
+$895/mo- Down payment
- $54,857
- Funds due
- $69,783
- Interest + MI left
- $408,807
- First ends
- Jul 2051
New loan
New conventional
$4,049/mo
+$1,336/mo- Down payment
- $54,857
- Funds due
- $66,365
- Interest + MI left
- $707,844
- 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 | $484,173 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,279.96 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $256.54 | $256.54 | $96.83 |
| Taxes, insurance & HOA | $671.83 | $671.83 | $671.83 |
| Total housing payment | $2,712.72 | $3,607.91 | $4,048.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,857
Closing costs & prepaids$14,926
Usable credit−$0
Total buyer cash needed$69,783
Earnest money paid−$0
Remaining funds due$69,783
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.30
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)$1,374.50
Initial HOA (3 months)$141.00
Prepaid interest, first (5 days)$161.24
Prepaid interest, second (5 days)$133.70
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$408,807
New conventional · ends Jan 2057$707,844