Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,633/mo
Lowest payment- Down payment
- $104,000
- Funds due
- $114,184
- Interest + MI left
- $123,152
- First ends
- May 2051
Assumption
Assumption + second
$2,196/mo
+$563/mo- Down payment
- $34,000
- Funds due
- $45,451
- Interest + MI left
- $255,917
- First ends
- May 2051
New loan
New conventional
$2,510/mo
+$877/mo- Down payment
- $34,000
- Funds due
- $42,088
- Interest + MI left
- $463,918
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,900 | $235,900 | $305,900 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,110.93 | $1,110.93 | $2,117.99 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $191.26 | $191.26 | $61.18 |
| Taxes, insurance & HOA | $330.58 | $330.58 | $330.58 |
| Total housing payment | $1,632.78 | $2,196.01 | $2,509.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,000
Closing costs & prepaids$11,451
Usable credit−$0
Total buyer cash needed$45,451
Earnest money paid−$0
Remaining funds due$45,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$346.75
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$18.16
Prepaid interest, second (1 days)$17.26
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$39,203Through Nov 2026
Assumption only · ends May 2051$123,152
Assumption + second · ends May 2051, second Dec 2056$255,917
New conventional · ends Dec 2056$463,918