Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,385/mo
Lowest payment- Down payment
- $64,213
- Funds due
- $75,322
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$2,813/mo
+$428/mo- Down payment
- $22,213
- Funds due
- $34,585
- Interest + MI left
- $321,855
- First ends
- Jul 2051
New loan
New conventional
$3,228/mo
+$844/mo- Down payment
- $22,213
- Funds due
- $31,350
- Interest + MI left
- $616,276
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,974 | $362,974 | $404,974 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,803.96 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $257.11 | $257.11 | $80.99 |
| Taxes, insurance & HOA | $343.25 | $343.25 | $343.25 |
| Total housing payment | $2,384.70 | $2,812.68 | $3,228.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,213
Closing costs & prepaids$12,373
Usable credit−$0
Total buyer cash needed$34,585
Earnest money paid−$0
Remaining funds due$34,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,271.87
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$108.75
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$32.32
Prepaid interest, second (1 days)$13.66
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 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$209,782
Assumption + second · ends Jul 2051, second Dec 2056$321,855
New conventional · ends Dec 2056$616,276