Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,412/mo
Lowest payment- Down payment
- $66,808
- Funds due
- $79,419
- Interest + MI left
- $388,793
- First ends
- Jul 2051
Assumption
Assumption + second
$3,860/mo
+$448/mo- Down payment
- $22,808
- Funds due
- $36,727
- Interest + MI left
- $506,203
- First ends
- Jul 2051
New loan
New conventional
$3,639/mo
+$227/mo- Down payment
- $22,808
- Funds due
- $33,477
- Interest + MI left
- $612,309
- 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 | $422,182 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $2,840.05 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $267.88 | $267.88 | $84.44 |
| Taxes, insurance & HOA | $714.25 | $714.25 | $714.25 |
| Total housing payment | $3,411.63 | $3,859.99 | $3,638.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,808
Closing costs & prepaids$13,919
Usable credit−$0
Total buyer cash needed$36,727
Earnest money paid−$0
Remaining funds due$36,727
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.90
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,134.75
Initial HOA (3 months)$558.00
Prepaid interest, first (4 days)$244.15
Prepaid interest, second (4 days)$57.26
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$506,203
New conventional · ends Jan 2057$612,309