Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,870/mo
Lowest payment- Down payment
- $90,229
- Funds due
- $101,093
- Interest + MI left
- $124,426
- First ends
- May 2051
Assumption
Assumption + second
$2,320/mo
+$451/mo- Down payment
- $34,229
- Funds due
- $46,468
- Interest + MI left
- $230,638
- First ends
- May 2051
New loan
New conventional
$2,623/mo
+$753/mo- Down payment
- $34,229
- Funds due
- $43,319
- Interest + MI left
- $439,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,771 | $244,771 | $300,771 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,145.45 | $1,145.45 | $2,037.53 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $199.26 | $199.26 | $60.15 |
| Taxes, insurance & HOA | $525.00 | $525.00 | $525.00 |
| Total housing payment | $1,869.71 | $2,320.30 | $2,622.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,229
Closing costs & prepaids$12,239
Usable credit−$0
Total buyer cash needed$46,468
Earnest money paid−$0
Remaining funds due$46,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$723.00
Prepaid interest, first (9 days)$164.77
Prepaid interest, second (9 days)$124.27
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 2.73%
Interest already paid$40,206Through Dec 2026
Assumption only · ends May 2051$124,426
Assumption + second · ends May 2051, second Jan 2057$230,638
New conventional · ends Jan 2057$439,717