Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,277/mo
Lowest payment- Down payment
- $84,564
- Funds due
- $93,979
- Interest + MI left
- $91,305
- First ends
- May 2051
Assumption
Assumption + second
$1,743/mo
+$467/mo- Down payment
- $26,564
- Funds due
- $37,357
- Interest + MI left
- $201,310
- First ends
- May 2051
New loan
New conventional
$1,934/mo
+$657/mo- Down payment
- $26,564
- Funds due
- $34,205
- Interest + MI left
- $341,275
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,436 | $175,436 | $233,436 |
| Second mortgage | — | $58,000 | — |
| First P&I | $828.14 | $828.14 | $1,581.38 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $142.58 | $142.58 | $46.69 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,276.72 | $1,743.40 | $1,934.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,564
Closing costs & prepaids$10,793
Usable credit−$0
Total buyer cash needed$37,357
Earnest money paid−$0
Remaining funds due$37,357
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$312.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$121.56
Prepaid interest, second (9 days)$128.71
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$29,635Through Dec 2026
Assumption only · ends May 2051$91,305
Assumption + second · ends May 2051, second Jan 2057$201,310
New conventional · ends Jan 2057$341,275