Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,902/mo
Lowest payment- Down payment
- $169,728
- Funds due
- $181,311
- Interest + MI left
- $140,610
- First ends
- May 2051
Assumption
Assumption + second
$2,819/mo
+$917/mo- Down payment
- $44,728
- Funds due
- $57,807
- Interest + MI left
- $345,804
- First ends
- May 2051
New loan
New conventional
$3,163/mo
+$1,261/mo- Down payment
- $44,728
- Funds due
- $54,575
- Interest + MI left
- $577,728
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,172 | $270,172 | $395,172 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,275.34 | $1,275.34 | $2,677.03 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $219.57 | $219.57 | $79.03 |
| Taxes, insurance & HOA | $407.00 | $407.00 | $407.00 |
| Total housing payment | $1,901.91 | $2,819.12 | $3,163.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,728
Closing costs & prepaids$13,079
Usable credit−$0
Total buyer cash needed$57,807
Earnest money paid−$0
Remaining funds due$57,807
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$528.00
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$187.20
Prepaid interest, second (9 days)$246.58
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$45,639Through Dec 2026
Assumption only · ends May 2051$140,610
Assumption + second · ends May 2051, second Jan 2057$345,804
New conventional · ends Jan 2057$577,728