Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,725/mo
Lowest payment- Down payment
- $98,569
- Funds due
- $111,092
- Interest + MI left
- $255,644
- First ends
- Jul 2051
Assumption
Assumption + second
$3,135/mo
+$410/mo- Down payment
- $47,569
- Funds due
- $61,456
- Interest + MI left
- $352,373
- First ends
- Jul 2051
New loan
New conventional
$3,426/mo
+$701/mo- Down payment
- $47,569
- Funds due
- $58,195
- Interest + MI left
- $611,306
- 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 | $418,140 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,955.04 | $1,955.04 | $2,832.63 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $260.06 | $260.06 | $83.63 |
| Taxes, insurance & HOA | $509.92 | $509.92 | $509.92 |
| Total housing payment | $2,725.01 | $3,135.37 | $3,426.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,569
Closing costs & prepaids$13,886
Usable credit−$0
Total buyer cash needed$61,456
Earnest money paid−$0
Remaining funds due$61,456
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,657.09
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)$558.75
Initial HOA (3 months)$471.00
Prepaid interest, first (9 days)$361.21
Prepaid interest, second (9 days)$113.18
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$352,373
New conventional · ends Jan 2057$611,306