Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$926/mo
Lowest payment- Down payment
- $258,246
- Funds due
- $268,659
- Interest + MI left
- $58,341
- First ends
- May 2051
Assumption
Assumption + second
$2,510/mo
+$1,583/mo- Down payment
- $37,246
- Funds due
- $48,955
- Interest + MI left
- $407,319
- First ends
- May 2051
New loan
New conventional
$2,680/mo
+$1,754/mo- Down payment
- $37,246
- Funds due
- $45,545
- Interest + MI left
- $504,644
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,754 | $111,754 | $332,754 |
| Second mortgage | — | $221,000 | — |
| First P&I | $526.28 | $526.28 | $2,303.92 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $90.61 | $90.61 | $66.55 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $926.48 | $2,509.75 | $2,680.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,246
Closing costs & prepaids$11,709
Usable credit−$0
Total buyer cash needed$48,955
Earnest money paid−$0
Remaining funds due$48,955
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$316.75
Initial HOA (3 months)$162.00
Prepaid interest, first (1 days)$8.60
Prepaid interest, second (1 days)$46.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 2.810%
Interest already paid$18,572Through Nov 2026
Assumption only · ends May 2051$58,341
Assumption + second · ends May 2051, second Dec 2056$407,319
New conventional · ends Dec 2056$504,644