Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,499/mo
Lowest payment- Down payment
- $73,580
- Funds due
- $83,297
- Interest + MI left
- $115,139
- First ends
- May 2051
Assumption
Assumption + second
$1,861/mo
+$362/mo- Down payment
- $28,580
- Funds due
- $39,647
- Interest + MI left
- $200,487
- First ends
- May 2051
New loan
New conventional
$2,101/mo
+$602/mo- Down payment
- $28,580
- Funds due
- $36,511
- Interest + MI left
- $374,782
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,320 | $211,320 | $256,320 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,014.93 | $1,014.93 | $1,736.40 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $171.17 | $171.17 | $51.26 |
| Taxes, insurance & HOA | $313.00 | $313.00 | $313.00 |
| Total housing payment | $1,499.10 | $1,861.18 | $2,100.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,580
Closing costs & prepaids$11,068
Usable credit−$0
Total buyer cash needed$39,647
Earnest money paid−$0
Remaining funds due$39,647
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$342.00
Initial HOA (3 months)$147.00
Prepaid interest, first (9 days)$154.76
Prepaid interest, second (9 days)$99.86
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 2.97%
Interest already paid$37,664Through Dec 2026
Assumption only · ends May 2051$115,139
Assumption + second · ends May 2051, second Jan 2057$200,487
New conventional · ends Jan 2057$374,782