Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,051/mo
Lowest payment- Down payment
- $166,073
- Funds due
- $180,126
- Interest + MI left
- $227,823
- First ends
- Jul 2051
Assumption
Assumption + second
$3,851/mo
+$800/mo- Down payment
- $57,073
- Funds due
- $72,400
- Interest + MI left
- $406,752
- First ends
- Jul 2051
New loan
New conventional
$4,436/mo
+$1,384/mo- Down payment
- $57,073
- Funds due
- $68,826
- Interest + MI left
- $777,888
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,927 | $403,927 | $512,927 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,945.47 | $1,945.47 | $3,551.40 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $324.36 | $324.36 | $102.59 |
| Taxes, insurance & HOA | $781.67 | $781.67 | $781.67 |
| Total housing payment | $3,051.50 | $3,851.30 | $4,435.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,073
Closing costs & prepaids$15,328
Usable credit−$0
Total buyer cash needed$72,400
Earnest money paid−$0
Remaining funds due$72,400
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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)$1,425.00
Initial HOA (3 months)$420.00
Prepaid interest, first (1 days)$33.86
Prepaid interest, second (1 days)$23.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.060%
Interest already paid$70,515Through Nov 2026
Assumption only · ends Jul 2051$227,823
Assumption + second · ends Jul 2051, second Dec 2056$406,752
New conventional · ends Dec 2056$777,888