Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,334/mo
Lowest payment- Down payment
- $180,137
- Funds due
- $192,453
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$3,251/mo
+$917/mo- Down payment
- $55,137
- Funds due
- $68,731
- Interest + MI left
- $414,976
- First ends
- Jul 2051
New loan
New conventional
$3,769/mo
+$1,435/mo- Down payment
- $55,137
- Funds due
- $65,169
- Interest + MI left
- $739,948
- 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 | $487,974 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,378.63 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $257.11 | $257.11 | $97.59 |
| Taxes, insurance & HOA | $292.67 | $292.67 | $292.67 |
| Total housing payment | $2,334.12 | $3,251.32 | $3,768.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,137
Closing costs & prepaids$13,594
Usable credit−$0
Total buyer cash needed$68,731
Earnest money paid−$0
Remaining funds due$68,731
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,431.11
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)$54.00
Initial HOA (3 months)$324.00
Prepaid interest, first (1 days)$32.32
Prepaid interest, second (1 days)$27.40
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$414,976
New conventional · ends Dec 2056$739,948