Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,653/mo
Lowest payment- Down payment
- $104,558
- Funds due
- $114,948
- Interest + MI left
- $122,483
- First ends
- May 2051
Assumption
Assumption + second
$2,216/mo
+$563/mo- Down payment
- $34,558
- Funds due
- $46,354
- Interest + MI left
- $255,248
- First ends
- May 2051
New loan
New conventional
$2,481/mo
+$827/mo- Down payment
- $34,558
- Funds due
- $43,180
- Interest + MI left
- $446,399
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,342 | $235,342 | $305,342 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,110.93 | $1,110.93 | $2,068.49 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $191.26 | $191.26 | $61.07 |
| Taxes, insurance & HOA | $351.00 | $351.00 | $351.00 |
| Total housing payment | $1,653.19 | $2,216.43 | $2,480.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,558
Closing costs & prepaids$11,795
Usable credit−$0
Total buyer cash needed$46,354
Earnest money paid−$0
Remaining funds due$46,354
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$408.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$163.06
Prepaid interest, second (9 days)$155.34
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 2.81%
Interest already paid$39,755Through Dec 2026
Assumption only · ends May 2051$122,483
Assumption + second · ends May 2051, second Jan 2057$255,248
New conventional · ends Jan 2057$446,399