Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,768/mo
Lowest payment- Down payment
- $105,939
- Funds due
- $121,020
- Interest + MI left
- $287,905
- First ends
- Aug 2051
Assumption
Assumption + second
$4,114/mo
+$346/mo- Down payment
- $62,939
- Funds due
- $79,334
- Interest + MI left
- $369,461
- First ends
- Aug 2051
New loan
New conventional
$4,787/mo
+$1,019/mo- Down payment
- $62,939
- Funds due
- $75,998
- Interest + MI left
- $821,826
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,061 | $519,061 | $562,061 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,483.80 | $2,483.80 | $3,807.60 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $417.30 | $417.30 | $112.41 |
| Taxes, insurance & HOA | $866.67 | $866.67 | $866.67 |
| Total housing payment | $3,767.77 | $4,113.76 | $4,786.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,939
Closing costs & prepaids$16,395
Usable credit−$0
Total buyer cash needed$79,334
Earnest money paid−$0
Remaining funds due$79,334
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Initial HOA (3 months)$1,350.00
Prepaid interest, first (6 days)$255.98
Prepaid interest, second (6 days)$63.62
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 8 moOf the original 30-year loan at 3%
Interest already paid$88,892Through Dec 2026
Assumption only · ends Aug 2051$287,905
Assumption + second · ends Aug 2051, second Jan 2057$369,461
New conventional · ends Jan 2057$821,826