Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,277/mo
Lowest payment- Down payment
- $191,939
- Funds due
- $202,556
- Interest + MI left
- $79,567
- First ends
- May 2051
Assumption
Assumption + second
$2,429/mo
+$1,152/mo- Down payment
- $34,939
- Funds due
- $47,116
- Interest + MI left
- $337,291
- First ends
- May 2051
New loan
New conventional
$2,603/mo
+$1,325/mo- Down payment
- $34,939
- Funds due
- $43,856
- Interest + MI left
- $457,747
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,061 | $156,061 | $313,061 |
| Second mortgage | — | $157,000 | — |
| First P&I | $731.11 | $731.11 | $2,120.78 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $127.02 | $127.02 | $62.61 |
| Taxes, insurance & HOA | $419.17 | $419.17 | $419.17 |
| Total housing payment | $1,277.29 | $2,429.30 | $2,602.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,939
Closing costs & prepaids$12,178
Usable credit−$0
Total buyer cash needed$47,116
Earnest money paid−$0
Remaining funds due$47,116
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,480.00
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)$417.50
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$105.44
Prepaid interest, second (9 days)$309.70
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 5 moOf the original 30-year loan at 2.74%
Interest already paid$25,726Through Dec 2026
Assumption only · ends May 2051$79,567
Assumption + second · ends May 2051, second Jan 2057$337,291
New conventional · ends Jan 2057$457,747