Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,625/mo
Lowest payment- Down payment
- $137,026
- Funds due
- $149,945
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$3,325/mo
+$700/mo- Down payment
- $50,026
- Funds due
- $64,324
- Interest + MI left
- $374,790
- First ends
- Jul 2051
New loan
New conventional
$3,789/mo
+$1,164/mo- Down payment
- $50,026
- Funds due
- $60,998
- Interest + MI left
- $682,416
- 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 | $449,974 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,115.53 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $257.11 | $257.11 | $89.99 |
| Taxes, insurance & HOA | $583.33 | $583.33 | $583.33 |
| Total housing payment | $2,624.79 | $3,324.81 | $3,788.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,026
Closing costs & prepaids$14,298
Usable credit−$0
Total buyer cash needed$64,324
Earnest money paid−$0
Remaining funds due$64,324
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$1,250.00
Prepaid interest, first (6 days)$193.92
Prepaid interest, second (6 days)$128.71
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 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$374,790
New conventional · ends Dec 2056$682,416