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
- $158,187
- Funds due
- $169,352
- Interest + MI left
- $141,378
- First ends
- May 2051
Assumption
Assumption + second
$2,699/mo
+$844/mo- Down payment
- $43,187
- Funds due
- $55,628
- Interest + MI left
- $330,157
- First ends
- May 2051
New loan
New conventional
$3,108/mo
+$1,254/mo- Down payment
- $43,187
- Funds due
- $52,178
- Interest + MI left
- $585,111
- 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 | $385,813 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,275.34 | $1,275.34 | $2,671.29 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $219.57 | $219.57 | $77.16 |
| Taxes, insurance & HOA | $359.83 | $359.83 | $359.83 |
| Total housing payment | $1,854.75 | $2,698.58 | $3,108.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,187
Closing costs & prepaids$12,441
Usable credit−$0
Total buyer cash needed$55,628
Earnest money paid−$0
Remaining funds due$55,628
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$25.21
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$330,157
New conventional · ends Dec 2056$585,111