Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,469/mo
Lowest payment- Down payment
- $121,808
- Funds due
- $135,403
- Interest + MI left
- $388,793
- First ends
- Jul 2051
Assumption
Assumption + second
$4,040/mo
+$571/mo- Down payment
- $50,808
- Funds due
- $65,740
- Interest + MI left
- $523,454
- First ends
- Jul 2051
New loan
New conventional
$3,904/mo
+$435/mo- Down payment
- $50,808
- Funds due
- $62,232
- Interest + MI left
- $656,689
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,182 | $378,182 | $449,182 |
| Second mortgage | — | $71,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $3,042.92 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $267.88 | $267.88 | $89.84 |
| Taxes, insurance & HOA | $771.67 | $771.67 | $771.67 |
| Total housing payment | $3,469.04 | $4,040.33 | $3,904.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,808
Closing costs & prepaids$14,933
Usable credit−$0
Total buyer cash needed$65,740
Earnest money paid−$0
Remaining funds due$65,740
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.90
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)$1,275.00
Initial HOA (3 months)$540.00
Prepaid interest, first (5 days)$305.19
Prepaid interest, second (5 days)$87.53
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 5.891%
Interest already paid$126,100Through Dec 2026
Assumption only · ends Jul 2051$388,793
Assumption + second · ends Jul 2051, second Jan 2057$523,454
New conventional · ends Jan 2057$656,689