Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,609/mo
Lowest payment- Down payment
- $43,260
- Funds due
- $52,720
- Interest + MI left
- $128,448
- First ends
- May 2051
Assumption
Assumption + second
$1,904/mo
+$296/mo- Down payment
- $14,260
- Funds due
- $24,979
- Interest + MI left
- $205,831
- First ends
- May 2051
New loan
New conventional
$2,163/mo
+$554/mo- Down payment
- $14,260
- Funds due
- $21,811
- Interest + MI left
- $396,786
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,740 | $231,740 | $260,740 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,116.42 | $1,116.42 | $1,805.31 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $187.09 | $187.09 | $52.15 |
| Taxes, insurance & HOA | $305.17 | $305.17 | $305.17 |
| Total housing payment | $1,608.68 | $1,904.19 | $2,162.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,260
Closing costs & prepaids$10,719
Usable credit−$0
Total buyer cash needed$24,979
Earnest money paid−$0
Remaining funds due$24,979
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$300.50
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$19.17
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$41,297Through Nov 2026
Assumption only · ends May 2051$128,448
Assumption + second · ends May 2051, second Dec 2056$205,831
New conventional · ends Dec 2056$396,786