Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,510/mo
Lowest payment- Down payment
- $78,756
- Funds due
- $88,631
- Interest + MI left
- $107,339
- First ends
- May 2051
Assumption
Assumption + second
$1,913/mo
+$402/mo- Down payment
- $28,756
- Funds due
- $39,992
- Interest + MI left
- $202,171
- First ends
- May 2051
New loan
New conventional
$2,156/mo
+$646/mo- Down payment
- $28,756
- Funds due
- $36,854
- Interest + MI left
- $374,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,244 | $206,244 | $256,244 |
| Second mortgage | — | $50,000 | — |
| First P&I | $973.57 | $973.57 | $1,735.89 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $167.62 | $167.62 | $51.25 |
| Taxes, insurance & HOA | $369.00 | $369.00 | $369.00 |
| Total housing payment | $1,510.19 | $1,912.50 | $2,156.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,756
Closing costs & prepaids$11,236
Usable credit−$0
Total buyer cash needed$39,992
Earnest money paid−$0
Remaining funds due$39,992
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$142.90
Prepaid interest, second (9 days)$110.96
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$34,840Through Dec 2026
Assumption only · ends May 2051$107,339
Assumption + second · ends May 2051, second Jan 2057$202,171
New conventional · ends Jan 2057$374,671