Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,576/mo
Lowest payment- Down payment
- $115,639
- Funds due
- $128,100
- Interest + MI left
- $209,596
- First ends
- Jul 2051
Assumption
Assumption + second
$3,099/mo
+$523/mo- Down payment
- $50,639
- Funds due
- $64,446
- Interest + MI left
- $332,878
- First ends
- Jul 2051
New loan
New conventional
$3,563/mo
+$987/mo- Down payment
- $50,639
- Funds due
- $61,136
- Interest + MI left
- $655,578
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,361 | $383,361 | $448,361 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,830.71 | $1,830.71 | $3,037.35 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $309.16 | $309.16 | $89.67 |
| Taxes, insurance & HOA | $436.25 | $436.25 | $436.25 |
| Total housing payment | $2,576.12 | $3,099.12 | $3,563.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,639
Closing costs & prepaids$13,806
Usable credit−$0
Total buyer cash needed$64,446
Earnest money paid−$0
Remaining funds due$64,446
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)$210.00
Prepaid interest, first (6 days)$186.53
Prepaid interest, second (6 days)$96.16
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 2.96%
Interest already paid$65,901Through Dec 2026
Assumption only · ends Jul 2051$209,596
Assumption + second · ends Jul 2051, second Jan 2057$332,878
New conventional · ends Jan 2057$655,578