Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,602/mo
Lowest payment- Down payment
- $132,413
- Funds due
- $145,185
- Interest + MI left
- $204,969
- First ends
- Jul 2051
Assumption
Assumption + second
$3,262/mo
+$660/mo- Down payment
- $50,413
- Funds due
- $64,556
- Interest + MI left
- $360,494
- First ends
- Jul 2051
New loan
New conventional
$3,670/mo
+$1,068/mo- Down payment
- $50,413
- Funds due
- $61,227
- Interest + MI left
- $655,908
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $366,587 | $366,587 | $448,587 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,765.82 | $1,765.82 | $3,038.88 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $295.16 | $295.16 | $89.72 |
| Taxes, insurance & HOA | $541.25 | $541.25 | $541.25 |
| Total housing payment | $2,602.23 | $3,262.02 | $3,669.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,413
Closing costs & prepaids$14,143
Usable credit−$0
Total buyer cash needed$64,556
Earnest money paid−$0
Remaining funds due$64,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Initial HOA (3 months)$525.00
Prepaid interest, first (6 days)$183.19
Prepaid interest, second (6 days)$121.32
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 3.04%
Interest already paid$64,667Through Dec 2026
Assumption only · ends Jul 2051$204,969
Assumption + second · ends Jul 2051, second Jan 2057$360,494
New conventional · ends Jan 2057$655,908