Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,813/mo
Lowest payment- Down payment
- $287,817
- Funds due
- $302,770
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$4,403/mo
+$1,590/mo- Down payment
- $65,817
- Funds due
- $82,255
- Interest + MI left
- $559,094
- First ends
- Jul 2051
New loan
New conventional
$4,846/mo
+$2,033/mo- Down payment
- $65,817
- Funds due
- $78,725
- Interest + MI left
- $854,158
- 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 | $584,173 |
| Second mortgage | — | $222,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,957.39 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | $256.54 | $256.54 | $116.83 |
| Taxes, insurance & HOA | $772.17 | $772.17 | $772.17 |
| Total housing payment | $2,813.05 | $4,403.49 | $4,846.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,817
Closing costs & prepaids$16,438
Usable credit−$0
Total buyer cash needed$82,255
Earnest money paid−$0
Remaining funds due$82,255
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,499.90
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)$1,657.50
Initial HOA (3 months)$159.00
Prepaid interest, first (5 days)$161.24
Prepaid interest, second (5 days)$235.68
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$559,094
New conventional · ends Jan 2057$854,158