Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,365/mo
Lowest payment- Down payment
- $86,016
- Funds due
- $97,316
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$2,695/mo
+$330/mo- Down payment
- $45,016
- Funds due
- $57,586
- Interest + MI left
- $287,545
- First ends
- Jul 2051
New loan
New conventional
$3,201/mo
+$836/mo- Down payment
- $45,016
- Funds due
- $54,165
- Interest + MI left
- $612,654
- 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 | $403,974 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,797.03 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $257.11 | $257.11 | $80.79 |
| Taxes, insurance & HOA | $323.50 | $323.50 | $323.50 |
| Total housing payment | $2,364.95 | $2,694.85 | $3,201.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,016
Closing costs & prepaids$12,570
Usable credit−$0
Total buyer cash needed$57,586
Earnest money paid−$0
Remaining funds due$57,586
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,489.90
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)$25.50
Initial HOA (3 months)$495.00
Prepaid interest, first (2 days)$64.64
Prepaid interest, second (2 days)$20.22
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$287,545
New conventional · ends Dec 2056$612,654