Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,715/mo
Lowest payment- Down payment
- $126,822
- Funds due
- $137,544
- Interest + MI left
- $129,164
- First ends
- May 2051
Assumption
Assumption + second
$2,431/mo
+$716/mo- Down payment
- $37,822
- Funds due
- $49,991
- Interest + MI left
- $297,965
- First ends
- May 2051
New loan
New conventional
$2,693/mo
+$978/mo- Down payment
- $37,822
- Funds due
- $46,791
- Interest + MI left
- $493,010
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,178 | $248,178 | $337,178 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,171.52 | $1,171.52 | $2,284.16 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $201.70 | $201.70 | $67.44 |
| Taxes, insurance & HOA | $341.67 | $341.67 | $341.67 |
| Total housing payment | $1,714.89 | $2,431.00 | $2,693.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,822
Closing costs & prepaids$12,169
Usable credit−$0
Total buyer cash needed$49,991
Earnest money paid−$0
Remaining funds due$49,991
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$125.01
Prepaid interest, first (9 days)$171.96
Prepaid interest, second (9 days)$197.51
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$41,923Through Dec 2026
Assumption only · ends May 2051$129,164
Assumption + second · ends May 2051, second Jan 2057$297,965
New conventional · ends Jan 2057$493,010