Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,761/mo
Lowest payment- Down payment
- $144,467
- Funds due
- $155,762
- Interest + MI left
- $106,449
- First ends
- May 2051
Assumption
Assumption + second
$2,561/mo
+$800/mo- Down payment
- $35,467
- Funds due
- $48,227
- Interest + MI left
- $285,378
- First ends
- May 2051
New loan
New conventional
$2,816/mo
+$1,055/mo- Down payment
- $35,467
- Funds due
- $45,021
- Interest + MI left
- $458,374
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,533 | $204,533 | $313,533 |
| Second mortgage | — | $109,000 | — |
| First P&I | $965.50 | $965.50 | $2,123.98 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $166.23 | $166.23 | $62.71 |
| Taxes, insurance & HOA | $629.58 | $629.58 | $629.58 |
| Total housing payment | $1,761.31 | $2,561.11 | $2,816.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,467
Closing costs & prepaids$12,760
Usable credit−$0
Total buyer cash needed$48,227
Earnest money paid−$0
Remaining funds due$48,227
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Initial HOA (3 months)$1,020.00
Prepaid interest, first (9 days)$141.72
Prepaid interest, second (9 days)$215.01
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 2.81%
Interest already paid$34,551Through Dec 2026
Assumption only · ends May 2051$106,449
Assumption + second · ends May 2051, second Jan 2057$285,378
New conventional · ends Jan 2057$458,374