Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,509/mo
Lowest payment- Down payment
- $161,808
- Funds due
- $175,862
- Interest + MI left
- $388,793
- First ends
- Jul 2051
Assumption
Assumption + second
$4,294/mo
+$785/mo- Down payment
- $54,808
- Funds due
- $70,206
- Interest + MI left
- $564,439
- First ends
- Jul 2051
New loan
New conventional
$4,173/mo
+$664/mo- Down payment
- $54,808
- Funds due
- $66,648
- Interest + MI left
- $701,060
- 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 | $485,182 |
| Second mortgage | — | $107,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $3,263.85 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $267.88 | $267.88 | $97.04 |
| Taxes, insurance & HOA | $811.67 | $811.67 | $811.67 |
| Total housing payment | $3,509.04 | $4,294.17 | $4,172.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,808
Closing costs & prepaids$15,398
Usable credit−$0
Total buyer cash needed$70,206
Earnest money paid−$0
Remaining funds due$70,206
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.90
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)$1,377.00
Initial HOA (3 months)$558.00
Prepaid interest, first (4 days)$244.15
Prepaid interest, second (4 days)$93.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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$564,439
New conventional · ends Jan 2057$701,060