Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,233/mo
Lowest payment- Down payment
- $191,565
- Funds due
- $201,957
- Interest + MI left
- $80,002
- First ends
- May 2051
Assumption
Assumption + second
$2,378/mo
+$1,145/mo- Down payment
- $35,565
- Funds due
- $47,241
- Interest + MI left
- $336,084
- First ends
- May 2051
New loan
New conventional
$2,601/mo
+$1,368/mo- Down payment
- $35,565
- Funds due
- $43,853
- Interest + MI left
- $473,766
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,435 | $156,435 | $312,435 |
| Second mortgage | — | $156,000 | — |
| First P&I | $731.11 | $731.11 | $2,163.24 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $127.02 | $127.02 | $62.49 |
| Taxes, insurance & HOA | $375.08 | $375.08 | $375.08 |
| Total housing payment | $1,233.21 | $2,377.88 | $2,600.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,565
Closing costs & prepaids$11,676
Usable credit−$0
Total buyer cash needed$47,241
Earnest money paid−$0
Remaining funds due$47,241
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,480.00
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)$285.25
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$11.74
Prepaid interest, second (1 days)$34.19
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 2.740%
Interest already paid$25,369Through Nov 2026
Assumption only · ends May 2051$80,002
Assumption + second · ends May 2051, second Dec 2056$336,084
New conventional · ends Dec 2056$473,766