Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,386/mo
Lowest payment- Down payment
- $205,903
- Funds due
- $221,612
- Interest + MI left
- $227,199
- First ends
- Jul 2051
Assumption
Assumption + second
$4,442/mo
+$1,057/mo- Down payment
- $61,903
- Funds due
- $79,146
- Interest + MI left
- $463,582
- First ends
- Jul 2051
New loan
New conventional
$4,932/mo
+$1,547/mo- Down payment
- $61,903
- Funds due
- $75,858
- Interest + MI left
- $801,408
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,097 | $404,097 | $548,097 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,950.71 | $1,950.71 | $3,713.00 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $325.24 | $325.24 | $109.62 |
| Taxes, insurance & HOA | $1,109.67 | $1,109.67 | $1,109.67 |
| Total housing payment | $3,385.61 | $4,442.23 | $4,932.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,903
Closing costs & prepaids$17,243
Usable credit−$0
Total buyer cash needed$79,146
Earnest money paid−$0
Remaining funds due$79,146
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,100.00
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)$732.00
Initial HOA (3 months)$2,097.00
Prepaid interest, first (9 days)$304.90
Prepaid interest, second (9 days)$284.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.06%
Interest already paid$71,738Through Dec 2026
Assumption only · ends Jul 2051$227,199
Assumption + second · ends Jul 2051, second Jan 2057$463,582
New conventional · ends Jan 2057$801,408