Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,579/mo
Lowest payment- Down payment
- $156,217
- Funds due
- $168,563
- Interest + MI left
- $257,133
- First ends
- Jul 2051
Assumption
Assumption + second
$3,334/mo
+$756/mo- Down payment
- $53,217
- Funds due
- $66,835
- Interest + MI left
- $426,213
- First ends
- Jul 2051
New loan
New conventional
$3,717/mo
+$1,139/mo- Down payment
- $53,217
- Funds due
- $63,285
- Interest + MI left
- $714,015
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,872 | $367,872 | $470,872 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,955.04 | $1,955.04 | $3,260.22 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $260.58 | $260.58 | $94.17 |
| Taxes, insurance & HOA | $363.08 | $363.08 | $363.08 |
| Total housing payment | $2,578.70 | $3,334.48 | $3,717.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,217
Closing costs & prepaids$13,618
Usable credit−$0
Total buyer cash needed$66,835
Earnest money paid−$0
Remaining funds due$66,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,240.89
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)$118.25
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$40.21
Prepaid interest, second (1 days)$22.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.990%
Interest already paid$82,994Through Nov 2026
Assumption only · ends Jul 2051$257,133
Assumption + second · ends Jul 2051, second Dec 2056$426,213
New conventional · ends Dec 2056$714,015