Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,897/mo
Lowest payment- Down payment
- $107,879
- Funds due
- $118,744
- Interest + MI left
- $147,870
- First ends
- May 2051
Assumption
Assumption + second
$2,444/mo
+$547/mo- Down payment
- $39,879
- Funds due
- $52,145
- Interest + MI left
- $276,841
- First ends
- May 2051
New loan
New conventional
$2,780/mo
+$884/mo- Down payment
- $39,879
- Funds due
- $48,972
- Interest + MI left
- $514,789
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,121 | $284,121 | $352,121 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,341.19 | $1,341.19 | $2,385.39 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $230.91 | $230.91 | $70.42 |
| Taxes, insurance & HOA | $324.50 | $324.50 | $324.50 |
| Total housing payment | $1,896.60 | $2,443.75 | $2,780.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,879
Closing costs & prepaids$12,266
Usable credit−$0
Total buyer cash needed$52,145
Earnest money paid−$0
Remaining funds due$52,145
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,920.00
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)$470.50
Initial HOA (3 months)$53.01
Prepaid interest, first (9 days)$196.86
Prepaid interest, second (9 days)$150.90
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$47,995Through Dec 2026
Assumption only · ends May 2051$147,870
Assumption + second · ends May 2051, second Jan 2057$276,841
New conventional · ends Jan 2057$514,789