Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,619/mo
Lowest payment- Down payment
- $83,168
- Funds due
- $93,264
- Interest + MI left
- $120,656
- First ends
- May 2051
Assumption
Assumption + second
$2,030/mo
+$410/mo- Down payment
- $32,168
- Funds due
- $43,627
- Interest + MI left
- $217,385
- First ends
- May 2051
New loan
New conventional
$2,309/mo
+$690/mo- Down payment
- $32,168
- Funds due
- $40,482
- Interest + MI left
- $413,491
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,832 | $231,832 | $282,832 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,094.36 | $1,094.36 | $1,916.00 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $188.41 | $188.41 | $56.57 |
| Taxes, insurance & HOA | $336.67 | $336.67 | $336.67 |
| Total housing payment | $1,619.44 | $2,029.80 | $2,309.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,168
Closing costs & prepaids$11,459
Usable credit−$0
Total buyer cash needed$43,627
Earnest money paid−$0
Remaining funds due$43,627
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$182.01
Prepaid interest, first (9 days)$160.63
Prepaid interest, second (9 days)$113.18
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$39,162Through Dec 2026
Assumption only · ends May 2051$120,656
Assumption + second · ends May 2051, second Jan 2057$217,385
New conventional · ends Jan 2057$413,491