Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,720/mo
Lowest payment- Down payment
- $142,753
- Funds due
- $153,594
- Interest + MI left
- $123,855
- First ends
- May 2051
Assumption
Assumption + second
$2,483/mo
+$763/mo- Down payment
- $38,753
- Funds due
- $50,889
- Interest + MI left
- $294,577
- First ends
- May 2051
New loan
New conventional
$2,841/mo
+$1,121/mo- Down payment
- $38,753
- Funds due
- $47,509
- Interest + MI left
- $517,456
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,247 | $237,247 | $341,247 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,117.27 | $1,117.27 | $2,362.73 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $192.36 | $192.36 | $68.25 |
| Taxes, insurance & HOA | $409.92 | $409.92 | $409.92 |
| Total housing payment | $1,719.55 | $2,482.66 | $2,840.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,753
Closing costs & prepaids$12,137
Usable credit−$0
Total buyer cash needed$50,889
Earnest money paid−$0
Remaining funds due$50,889
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$536.75
Initial HOA (3 months)$243.00
Prepaid interest, first (2 days)$36.53
Prepaid interest, second (2 days)$45.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$39,427Through Nov 2026
Assumption only · ends May 2051$123,855
Assumption + second · ends May 2051, second Dec 2056$294,577
New conventional · ends Dec 2056$517,456