Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,536/mo
Lowest payment- Down payment
- $201,068
- Funds due
- $215,657
- Interest + MI left
- $388,793
- First ends
- Jul 2051
Assumption
Assumption + second
$4,586/mo
+$1,049/mo- Down payment
- $58,068
- Funds due
- $74,064
- Interest + MI left
- $623,535
- First ends
- Jul 2051
New loan
New conventional
$4,474/mo
+$938/mo- Down payment
- $58,068
- Funds due
- $70,484
- Interest + MI left
- $762,054
- 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 | $521,182 |
| Second mortgage | — | $143,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $3,530.67 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $267.88 | $267.88 | $104.24 |
| Taxes, insurance & HOA | $839.00 | $839.00 | $839.00 |
| Total housing payment | $3,536.38 | $4,585.66 | $4,473.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,068
Closing costs & prepaids$15,996
Usable credit−$0
Total buyer cash needed$74,064
Earnest money paid−$0
Remaining funds due$74,064
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,792.50
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)$1,477.00
Initial HOA (3 months)$540.00
Prepaid interest, first (5 days)$305.19
Prepaid interest, second (5 days)$156.71
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$623,535
New conventional · ends Jan 2057$762,054