Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,599/mo
Lowest payment- Down payment
- $69,837
- Funds due
- $79,779
- Interest + MI left
- $117,133
- First ends
- May 2051
Assumption
Assumption + second
$1,921/mo
+$322/mo- Down payment
- $29,837
- Funds due
- $41,117
- Interest + MI left
- $192,999
- First ends
- May 2051
New loan
New conventional
$2,203/mo
+$603/mo- Down payment
- $29,837
- Funds due
- $37,994
- Interest + MI left
- $387,566
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,063 | $225,063 | $265,063 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,062.41 | $1,062.41 | $1,795.63 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $182.91 | $182.91 | $53.01 |
| Taxes, insurance & HOA | $354.00 | $354.00 | $354.00 |
| Total housing payment | $1,599.32 | $1,921.17 | $2,202.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,837
Closing costs & prepaids$11,281
Usable credit−$0
Total buyer cash needed$41,117
Earnest money paid−$0
Remaining funds due$41,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.00
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)$354.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$155.94
Prepaid interest, second (9 days)$88.77
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$38,019Through Dec 2026
Assumption only · ends May 2051$117,133
Assumption + second · ends May 2051, second Jan 2057$192,999
New conventional · ends Jan 2057$387,566