Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,222/mo
Lowest payment- Down payment
- $193,228
- Funds due
- $205,909
- Interest + MI left
- $169,445
- First ends
- May 2051
Assumption
Assumption + second
$3,271/mo
+$1,049/mo- Down payment
- $50,228
- Funds due
- $64,441
- Interest + MI left
- $404,187
- First ends
- May 2051
New loan
New conventional
$3,629/mo
+$1,407/mo- Down payment
- $50,228
- Funds due
- $61,174
- Interest + MI left
- $657,495
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,672 | $306,672 | $449,672 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,480.82 | $1,480.82 | $3,046.23 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $248.16 | $248.16 | $89.93 |
| Taxes, insurance & HOA | $492.67 | $492.67 | $492.67 |
| Total housing payment | $2,221.64 | $3,270.92 | $3,628.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,228
Closing costs & prepaids$14,212
Usable credit−$0
Total buyer cash needed$64,441
Earnest money paid−$0
Remaining funds due$64,441
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$228.37
Prepaid interest, second (9 days)$282.08
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 3.02%
Interest already paid$55,550Through Dec 2026
Assumption only · ends May 2051$169,445
Assumption + second · ends May 2051, second Jan 2057$404,187
New conventional · ends Jan 2057$657,495