Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,213/mo
Lowest payment- Down payment
- $147,026
- Funds due
- $161,648
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$3,986/mo
+$772/mo- Down payment
- $51,026
- Funds due
- $66,922
- Interest + MI left
- $391,860
- First ends
- Jul 2051
New loan
New conventional
$4,441/mo
+$1,228/mo- Down payment
- $51,026
- Funds due
- $63,399
- Interest + MI left
- $696,065
- 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 | $458,974 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,177.84 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $257.11 | $257.11 | $91.79 |
| Taxes, insurance & HOA | $1,171.67 | $1,171.67 | $1,171.67 |
| Total housing payment | $3,213.12 | $3,985.56 | $4,441.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,026
Closing costs & prepaids$15,896
Usable credit−$0
Total buyer cash needed$66,922
Earnest money paid−$0
Remaining funds due$66,922
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$1,275.00
Initial HOA (3 months)$1,740.00
Prepaid interest, first (1 days)$32.32
Prepaid interest, second (1 days)$23.67
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 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$209,782
Assumption + second · ends Jul 2051, second Dec 2056$391,860
New conventional · ends Dec 2056$696,065