Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,271/mo
Lowest payment- Down payment
- $61,016
- Funds due
- $71,785
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$2,669/mo
+$397/mo- Down payment
- $22,016
- Funds due
- $34,061
- Interest + MI left
- $313,850
- First ends
- Jul 2051
New loan
New conventional
$3,093/mo
+$822/mo- Down payment
- $22,016
- Funds due
- $30,863
- Interest + MI left
- $611,711
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,974 | $362,974 | $401,974 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,783.19 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $257.11 | $257.11 | $80.39 |
| Taxes, insurance & HOA | $229.92 | $229.92 | $229.92 |
| Total housing payment | $2,271.37 | $2,668.78 | $3,093.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,016
Closing costs & prepaids$12,045
Usable credit−$0
Total buyer cash needed$34,061
Earnest money paid−$0
Remaining funds due$34,061
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,239.90
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)$53.75
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$64.64
Prepaid interest, second (2 days)$25.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$209,782
Assumption + second · ends Jul 2051, second Dec 2056$313,850
New conventional · ends Dec 2056$611,711