Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,917/mo
Lowest payment- Down payment
- $97,238
- Funds due
- $108,692
- Interest + MI left
- $390,925
- First ends
- Jul 2051
Assumption
Assumption + second
$3,312/mo
+$394/mo- Down payment
- $48,238
- Funds due
- $60,954
- Interest + MI left
- $483,861
- First ends
- Jul 2051
New loan
New conventional
$3,267/mo
+$349/mo- Down payment
- $48,238
- Funds due
- $57,436
- Interest + MI left
- $648,629
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,752 | $378,752 | $427,752 |
| Second mortgage | — | $49,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $2,961.67 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $268.28 | $268.28 | $85.55 |
| Taxes, insurance & HOA | $219.50 | $219.50 | $219.50 |
| Total housing payment | $2,917.28 | $3,311.55 | $3,266.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,238
Closing costs & prepaids$12,717
Usable credit−$0
Total buyer cash needed$60,954
Earnest money paid−$0
Remaining funds due$60,954
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,759.90
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)$26.50
Initial HOA (3 months)$132.00
Prepaid interest, first (1 days)$61.13
Prepaid interest, second (1 days)$12.08
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 5.891%
Interest already paid$124,240Through Nov 2026
Assumption only · ends Jul 2051$390,925
Assumption + second · ends Jul 2051, second Dec 2056$483,861
New conventional · ends Dec 2056$648,629