Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,272/mo
Lowest payment- Down payment
- $231,469
- Funds due
- $244,709
- Interest + MI left
- $164,477
- First ends
- May 2051
Assumption
Assumption + second
$3,564/mo
+$1,291/mo- Down payment
- $55,469
- Funds due
- $70,306
- Interest + MI left
- $453,391
- First ends
- May 2051
New loan
New conventional
$3,955/mo
+$1,683/mo- Down payment
- $55,469
- Funds due
- $67,006
- Interest + MI left
- $719,431
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,031 | $316,031 | $492,031 |
| Second mortgage | — | $176,000 | — |
| First P&I | $1,491.82 | $1,491.82 | $3,333.19 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $256.84 | $256.84 | $98.41 |
| Taxes, insurance & HOA | $523.67 | $523.67 | $523.67 |
| Total housing payment | $2,272.33 | $3,563.76 | $3,955.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,469
Closing costs & prepaids$14,837
Usable credit−$0
Total buyer cash needed$70,306
Earnest money paid−$0
Remaining funds due$70,306
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,475.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$657.00
Initial HOA (3 months)$414.00
Prepaid interest, first (9 days)$218.97
Prepaid interest, second (9 days)$347.18
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$53,386Through Dec 2026
Assumption only · ends May 2051$164,477
Assumption + second · ends May 2051, second Jan 2057$453,391
New conventional · ends Jan 2057$719,431