Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,422/mo
Lowest payment- Down payment
- $61,817
- Funds due
- $73,267
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$2,830/mo
+$408/mo- Down payment
- $21,817
- Funds due
- $34,634
- Interest + MI left
- $315,273
- First ends
- Jul 2051
New loan
New conventional
$3,186/mo
+$764/mo- Down payment
- $21,817
- Funds due
- $31,670
- Interest + MI left
- $590,135
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,173 | $362,173 | $402,173 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,724.46 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $256.54 | $256.54 | $80.43 |
| Taxes, insurance & HOA | $381.58 | $381.58 | $381.58 |
| Total housing payment | $2,422.47 | $2,830.07 | $3,186.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,817
Closing costs & prepaids$12,817
Usable credit−$0
Total buyer cash needed$34,634
Earnest money paid−$0
Remaining funds due$34,634
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,239.90
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)$508.75
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$290.23
Prepaid interest, second (9 days)$117.12
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 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$208,537
Assumption + second · ends Jul 2051, second Jan 2057$315,273
New conventional · ends Jan 2057$590,135