Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,563/mo
Lowest payment- Down payment
- $212,761
- Funds due
- $224,087
- Interest + MI left
- $112,860
- First ends
- May 2051
Assumption
Assumption + second
$2,810/mo
+$1,247/mo- Down payment
- $42,761
- Funds due
- $55,672
- Interest + MI left
- $391,924
- First ends
- May 2051
New loan
New conventional
$3,030/mo
+$1,468/mo- Down payment
- $42,761
- Funds due
- $52,375
- Interest + MI left
- $551,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,139 | $207,139 | $377,139 |
| Second mortgage | — | $170,000 | — |
| First P&I | $994.84 | $994.84 | $2,554.87 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | $167.79 | $167.79 | $75.43 |
| Taxes, insurance & HOA | $400.00 | $400.00 | $400.00 |
| Total housing payment | $1,562.63 | $2,810.03 | $3,030.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,761
Closing costs & prepaids$12,911
Usable credit−$0
Total buyer cash needed$55,672
Earnest money paid−$0
Remaining funds due$55,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$504.00
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$151.69
Prepaid interest, second (9 days)$335.34
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$36,919Through Dec 2026
Assumption only · ends May 2051$112,860
Assumption + second · ends May 2051, second Jan 2057$391,924
New conventional · ends Jan 2057$551,364