Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,509/mo
Lowest payment- Down payment
- $91,552
- Funds due
- $103,759
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$2,879/mo
+$370/mo- Down payment
- $45,552
- Funds due
- $59,111
- Interest + MI left
- $295,783
- First ends
- Jul 2051
New loan
New conventional
$3,315/mo
+$806/mo- Down payment
- $45,552
- Funds due
- $55,936
- Interest + MI left
- $596,816
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,173 | $362,173 | $408,173 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,765.11 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $256.54 | $256.54 | $81.63 |
| Taxes, insurance & HOA | $468.17 | $468.17 | $468.17 |
| Total housing payment | $2,509.05 | $2,879.18 | $3,314.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,552
Closing costs & prepaids$13,559
Usable credit−$0
Total buyer cash needed$59,111
Earnest money paid−$0
Remaining funds due$59,111
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,537.25
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)$544.50
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$290.23
Prepaid interest, second (9 days)$102.08
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 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$208,537
Assumption + second · ends Jul 2051, second Jan 2057$295,783
New conventional · ends Jan 2057$596,816