Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,693/mo
Lowest payment- Down payment
- $143,314
- Funds due
- $154,202
- Interest + MI left
- $123,182
- First ends
- May 2051
Assumption
Assumption + second
$2,463/mo
+$770/mo- Down payment
- $38,314
- Funds due
- $50,659
- Interest + MI left
- $295,545
- First ends
- May 2051
New loan
New conventional
$2,766/mo
+$1,073/mo- Down payment
- $38,314
- Funds due
- $47,460
- Interest + MI left
- $499,601
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,686 | $236,686 | $341,686 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,117.27 | $1,117.27 | $2,314.70 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $192.36 | $192.36 | $68.34 |
| Taxes, insurance & HOA | $383.00 | $383.00 | $383.00 |
| Total housing payment | $1,692.63 | $2,463.08 | $2,766.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,314
Closing costs & prepaids$12,345
Usable credit−$0
Total buyer cash needed$50,659
Earnest money paid−$0
Remaining funds due$50,659
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$163.99
Prepaid interest, second (9 days)$207.12
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$39,982Through Dec 2026
Assumption only · ends May 2051$123,182
Assumption + second · ends May 2051, second Jan 2057$295,545
New conventional · ends Jan 2057$499,601