Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,748/mo
Lowest payment- Down payment
- $156,949
- Funds due
- $170,126
- Interest + MI left
- $255,644
- First ends
- Jul 2051
Assumption
Assumption + second
$3,512/mo
+$763/mo- Down payment
- $52,949
- Funds due
- $67,582
- Interest + MI left
- $426,366
- First ends
- Jul 2051
New loan
New conventional
$3,819/mo
+$1,071/mo- Down payment
- $52,949
- Funds due
- $64,270
- Interest + MI left
- $688,885
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,140 | $367,140 | $471,140 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,955.04 | $1,955.04 | $3,191.67 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $260.06 | $260.06 | $94.23 |
| Taxes, insurance & HOA | $533.33 | $533.33 | $533.33 |
| Total housing payment | $2,748.43 | $3,511.55 | $3,819.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,949
Closing costs & prepaids$14,632
Usable credit−$0
Total buyer cash needed$67,582
Earnest money paid−$0
Remaining funds due$67,582
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,240.89
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)$629.00
Initial HOA (3 months)$471.00
Prepaid interest, first (9 days)$361.21
Prepaid interest, second (9 days)$205.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 3.99%
Interest already paid$84,217Through Dec 2026
Assumption only · ends Jul 2051$255,644
Assumption + second · ends Jul 2051, second Jan 2057$426,366
New conventional · ends Jan 2057$688,885