Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,588/mo
Lowest payment- Down payment
- $42,737
- Funds due
- $52,193
- Interest + MI left
- $123,195
- First ends
- May 2051
Assumption
Assumption + second
$1,884/mo
+$296/mo- Down payment
- $13,737
- Funds due
- $24,453
- Interest + MI left
- $200,579
- First ends
- May 2051
New loan
New conventional
$2,128/mo
+$540/mo- Down payment
- $13,737
- Funds due
- $21,289
- Interest + MI left
- $382,364
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,263 | $222,263 | $251,263 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,070.77 | $1,070.77 | $1,739.69 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $179.44 | $179.44 | $50.25 |
| Taxes, insurance & HOA | $337.83 | $337.83 | $337.83 |
| Total housing payment | $1,588.04 | $1,883.55 | $2,127.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,737
Closing costs & prepaids$10,716
Usable credit−$0
Total buyer cash needed$24,453
Earnest money paid−$0
Remaining funds due$24,453
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$320.50
Initial HOA (3 months)$243.00
Prepaid interest, first (1 days)$18.39
Prepaid interest, second (1 days)$9.43
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 3.020%
Interest already paid$39,608Through Nov 2026
Assumption only · ends May 2051$123,195
Assumption + second · ends May 2051, second Dec 2056$200,579
New conventional · ends Dec 2056$382,364