Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,498/mo
Lowest payment- Down payment
- $137,727
- Funds due
- $150,265
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$3,198/mo
+$700/mo- Down payment
- $50,727
- Funds due
- $64,643
- Interest + MI left
- $373,545
- First ends
- Jul 2051
New loan
New conventional
$3,589/mo
+$1,092/mo- Down payment
- $50,727
- Funds due
- $61,294
- Interest + MI left
- $656,765
- 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 | $449,173 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,042.85 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $256.54 | $256.54 | $89.83 |
| Taxes, insurance & HOA | $456.67 | $456.67 | $456.67 |
| Total housing payment | $2,497.55 | $3,197.57 | $3,589.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,727
Closing costs & prepaids$13,916
Usable credit−$0
Total buyer cash needed$64,643
Earnest money paid−$0
Remaining funds due$64,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Initial HOA (3 months)$270.00
Prepaid interest, first (6 days)$193.49
Prepaid interest, second (6 days)$128.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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$373,545
New conventional · ends Jan 2057$656,765