Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,782/mo
Lowest payment- Down payment
- $84,427
- Funds due
- $95,117
- Interest + MI left
- $114,520
- First ends
- May 2051
Assumption
Assumption + second
$2,224/mo
+$443/mo- Down payment
- $29,427
- Funds due
- $41,489
- Interest + MI left
- $218,836
- First ends
- May 2051
New loan
New conventional
$2,437/mo
+$655/mo- Down payment
- $29,427
- Funds due
- $38,329
- Interest + MI left
- $380,964
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,548 | $205,548 | $260,548 |
| Second mortgage | — | $55,000 | — |
| First P&I | $995.72 | $995.72 | $1,765.04 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $166.23 | $166.23 | $52.11 |
| Taxes, insurance & HOA | $620.00 | $620.00 | $620.00 |
| Total housing payment | $1,781.95 | $2,224.49 | $2,437.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,427
Closing costs & prepaids$12,061
Usable credit−$0
Total buyer cash needed$41,489
Earnest money paid−$0
Remaining funds due$41,489
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.75
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)$348.00
Initial HOA (3 months)$1,062.00
Prepaid interest, first (9 days)$154.58
Prepaid interest, second (9 days)$122.05
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 3.05%
Interest already paid$37,590Through Dec 2026
Assumption only · ends May 2051$114,520
Assumption + second · ends May 2051, second Jan 2057$218,836
New conventional · ends Jan 2057$380,964