Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,619/mo
Lowest payment- Down payment
- $43,793
- Funds due
- $53,435
- Interest + MI left
- $127,749
- First ends
- May 2051
Assumption
Assumption + second
$1,924/mo
+$306/mo- Down payment
- $13,793
- Funds due
- $24,773
- Interest + MI left
- $207,801
- First ends
- May 2051
New loan
New conventional
$2,137/mo
+$518/mo- Down payment
- $13,793
- Funds due
- $21,788
- Interest + MI left
- $383,338
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,207 | $231,207 | $261,207 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,116.42 | $1,116.42 | $1,769.51 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $187.09 | $187.09 | $52.24 |
| Taxes, insurance & HOA | $315.00 | $315.00 | $315.00 |
| Total housing payment | $1,618.51 | $1,924.21 | $2,136.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,793
Closing costs & prepaids$10,980
Usable credit−$0
Total buyer cash needed$24,773
Earnest money paid−$0
Remaining funds due$24,773
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$172.17
Prepaid interest, second (9 days)$87.84
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$41,880Through Dec 2026
Assumption only · ends May 2051$127,749
Assumption + second · ends May 2051, second Jan 2057$207,801
New conventional · ends Jan 2057$383,338