Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,855/mo
Lowest payment- Down payment
- $169,087
- Funds due
- $180,361
- Interest + MI left
- $141,378
- First ends
- May 2051
Assumption
Assumption + second
$2,772/mo
+$917/mo- Down payment
- $44,087
- Funds due
- $56,639
- Interest + MI left
- $346,572
- First ends
- May 2051
New loan
New conventional
$3,180/mo
+$1,325/mo- Down payment
- $44,087
- Funds due
- $53,180
- Interest + MI left
- $600,277
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,813 | $270,813 | $395,813 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,275.34 | $1,275.34 | $2,740.53 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $219.57 | $219.57 | $79.16 |
| Taxes, insurance & HOA | $359.83 | $359.83 | $359.83 |
| Total housing payment | $1,854.75 | $2,771.95 | $3,179.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,087
Closing costs & prepaids$12,552
Usable credit−$0
Total buyer cash needed$56,639
Earnest money paid−$0
Remaining funds due$56,639
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$386.50
Initial HOA (3 months)$243.00
Prepaid interest, first (1 days)$20.85
Prepaid interest, second (1 days)$27.40
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$45,005Through Nov 2026
Assumption only · ends May 2051$141,378
Assumption + second · ends May 2051, second Dec 2056$346,572
New conventional · ends Dec 2056$600,277