Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,076/mo
Lowest payment- Down payment
- $199,204
- Funds due
- $211,647
- Interest + MI left
- $153,359
- First ends
- May 2051
Assumption
Assumption + second
$3,169/mo
+$1,093/mo- Down payment
- $50,204
- Funds due
- $64,191
- Interest + MI left
- $397,950
- First ends
- May 2051
New loan
New conventional
$3,559/mo
+$1,483/mo- Down payment
- $50,204
- Funds due
- $60,938
- Interest + MI left
- $657,675
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,795 | $300,795 | $449,795 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,409.15 | $1,409.15 | $3,047.07 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $244.82 | $244.82 | $89.96 |
| Taxes, insurance & HOA | $421.67 | $421.67 | $421.67 |
| Total housing payment | $2,075.63 | $3,168.94 | $3,558.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,204
Closing costs & prepaids$13,987
Usable credit−$0
Total buyer cash needed$64,191
Earnest money paid−$0
Remaining funds due$64,191
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$203.22
Prepaid interest, second (9 days)$293.92
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 2.74%
Interest already paid$49,584Through Dec 2026
Assumption only · ends May 2051$153,359
Assumption + second · ends May 2051, second Jan 2057$397,950
New conventional · ends Jan 2057$657,675