Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,526/mo
Lowest payment- Down payment
- $132,922
- Funds due
- $145,592
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$3,193/mo
+$668/mo- Down payment
- $49,922
- Funds due
- $64,027
- Interest + MI left
- $365,958
- First ends
- Jul 2051
New loan
New conventional
$3,589/mo
+$1,064/mo- Down payment
- $49,922
- Funds due
- $60,791
- Interest + MI left
- $650,917
- 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 | $445,173 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,015.76 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $256.54 | $256.54 | $89.03 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $2,525.55 | $3,193.39 | $3,589.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,922
Closing costs & prepaids$14,104
Usable credit−$0
Total buyer cash needed$64,027
Earnest money paid−$0
Remaining funds due$64,027
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.95
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)$594.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$290.23
Prepaid interest, second (9 days)$184.19
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$365,958
New conventional · ends Jan 2057$650,917