Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,615/mo
Lowest payment- Down payment
- $172,026
- Funds due
- $185,103
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$3,481/mo
+$866/mo- Down payment
- $54,026
- Funds due
- $68,379
- Interest + MI left
- $403,486
- First ends
- Jul 2051
New loan
New conventional
$4,000/mo
+$1,385/mo- Down payment
- $54,026
- Funds due
- $64,828
- Interest + MI left
- $729,333
- 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 | $480,974 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,330.17 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $257.11 | $257.11 | $96.19 |
| Taxes, insurance & HOA | $573.33 | $573.33 | $573.33 |
| Total housing payment | $2,614.79 | $3,480.63 | $3,999.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,026
Closing costs & prepaids$14,353
Usable credit−$0
Total buyer cash needed$68,379
Earnest money paid−$0
Remaining funds due$68,379
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$971.00
Initial HOA (3 months)$249.00
Prepaid interest, first (1 days)$32.32
Prepaid interest, second (1 days)$25.86
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$403,486
New conventional · ends Dec 2056$729,333