Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,652/mo
Lowest payment- Down payment
- $69,303
- Funds due
- $79,263
- Interest + MI left
- $117,773
- First ends
- May 2051
Assumption
Assumption + second
$1,966/mo
+$314/mo- Down payment
- $30,303
- Funds due
- $41,523
- Interest + MI left
- $191,742
- First ends
- May 2051
New loan
New conventional
$2,291/mo
+$640/mo- Down payment
- $30,303
- Funds due
- $38,197
- Interest + MI left
- $401,173
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,597 | $225,597 | $264,597 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,062.41 | $1,062.41 | $1,832.02 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $182.91 | $182.91 | $52.92 |
| Taxes, insurance & HOA | $406.42 | $406.42 | $406.42 |
| Total housing payment | $1,651.74 | $1,965.54 | $2,291.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,303
Closing costs & prepaids$11,220
Usable credit−$0
Total buyer cash needed$41,523
Earnest money paid−$0
Remaining funds due$41,523
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.00
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)$511.25
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$17.37
Prepaid interest, second (1 days)$9.62
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$37,490Through Nov 2026
Assumption only · ends May 2051$117,773
Assumption + second · ends May 2051, second Dec 2056$191,742
New conventional · ends Dec 2056$401,173