Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,225/mo
Lowest payment- Down payment
- $84,148
- Funds due
- $93,299
- Interest + MI left
- $91,804
- First ends
- May 2051
Assumption
Assumption + second
$1,692/mo
+$467/mo- Down payment
- $26,148
- Funds due
- $36,563
- Interest + MI left
- $201,809
- First ends
- May 2051
New loan
New conventional
$1,920/mo
+$695/mo- Down payment
- $26,148
- Funds due
- $33,271
- Interest + MI left
- $354,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,852 | $175,852 | $233,852 |
| Second mortgage | — | $58,000 | — |
| First P&I | $828.14 | $828.14 | $1,619.14 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $142.58 | $142.58 | $46.77 |
| Taxes, insurance & HOA | $254.17 | $254.17 | $254.17 |
| Total housing payment | $1,224.89 | $1,691.57 | $1,920.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,148
Closing costs & prepaids$10,415
Usable credit−$0
Total buyer cash needed$36,563
Earnest money paid−$0
Remaining funds due$36,563
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$156.50
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$13.54
Prepaid interest, second (1 days)$14.30
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$29,224Through Nov 2026
Assumption only · ends May 2051$91,804
Assumption + second · ends May 2051, second Dec 2056$201,809
New conventional · ends Dec 2056$354,652