Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,894/mo
Lowest payment- Down payment
- $150,828
- Funds due
- $162,199
- Interest + MI left
- $140,610
- First ends
- May 2051
Assumption
Assumption + second
$2,687/mo
+$792/mo- Down payment
- $42,828
- Funds due
- $55,662
- Interest + MI left
- $317,897
- First ends
- May 2051
New loan
New conventional
$3,037/mo
+$1,143/mo- Down payment
- $42,828
- Funds due
- $52,452
- Interest + MI left
- $552,874
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,172 | $270,172 | $378,172 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,275.34 | $1,275.34 | $2,561.87 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $219.57 | $219.57 | $75.63 |
| Taxes, insurance & HOA | $399.42 | $399.42 | $399.42 |
| Total housing payment | $1,894.33 | $2,686.80 | $3,036.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,828
Closing costs & prepaids$12,833
Usable credit−$0
Total buyer cash needed$55,662
Earnest money paid−$0
Remaining funds due$55,662
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,210.00
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)$505.25
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$187.20
Prepaid interest, second (9 days)$213.04
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$45,639Through Dec 2026
Assumption only · ends May 2051$140,610
Assumption + second · ends May 2051, second Jan 2057$317,897
New conventional · ends Jan 2057$552,874