Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,100/mo
Lowest payment- Down payment
- $81,615
- Funds due
- $94,803
- Interest + MI left
- $260,075
- First ends
- Aug 2051
Assumption
Assumption + second
$3,309/mo
+$209/mo- Down payment
- $55,615
- Funds due
- $70,098
- Interest + MI left
- $309,387
- First ends
- Aug 2051
New loan
New conventional
$3,931/mo
+$831/mo- Down payment
- $55,615
- Funds due
- $66,859
- Interest + MI left
- $723,604
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $468,885 | $468,885 | $494,885 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,243.70 | $2,243.70 | $3,352.52 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $376.96 | $376.96 | $98.98 |
| Taxes, insurance & HOA | $479.50 | $479.50 | $479.50 |
| Total housing payment | $3,100.17 | $3,309.37 | $3,931.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,615
Closing costs & prepaids$14,483
Usable credit−$0
Total buyer cash needed$70,098
Earnest money paid−$0
Remaining funds due$70,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,505.00
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)$660.50
Initial HOA (3 months)$278.01
Prepaid interest, first (7 days)$269.77
Prepaid interest, second (7 days)$44.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$80,299Through Dec 2026
Assumption only · ends Aug 2051$260,075
Assumption + second · ends Aug 2051, second Jan 2057$309,387
New conventional · ends Jan 2057$723,604