Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,672/mo
Lowest payment- Down payment
- $82,618
- Funds due
- $92,747
- Interest + MI left
- $121,315
- First ends
- May 2051
Assumption
Assumption + second
$2,083/mo
+$410/mo- Down payment
- $31,618
- Funds due
- $43,023
- Interest + MI left
- $218,044
- First ends
- May 2051
New loan
New conventional
$2,408/mo
+$736/mo- Down payment
- $31,618
- Funds due
- $39,710
- Interest + MI left
- $429,768
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,382 | $232,382 | $283,382 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,094.36 | $1,094.36 | $1,962.08 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $188.41 | $188.41 | $56.68 |
| Taxes, insurance & HOA | $389.59 | $389.59 | $389.59 |
| Total housing payment | $1,672.36 | $2,082.72 | $2,408.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,618
Closing costs & prepaids$11,405
Usable credit−$0
Total buyer cash needed$43,023
Earnest money paid−$0
Remaining funds due$43,023
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$182.01
Prepaid interest, first (2 days)$35.78
Prepaid interest, second (2 days)$25.15
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$38,618Through Nov 2026
Assumption only · ends May 2051$121,315
Assumption + second · ends May 2051, second Dec 2056$218,044
New conventional · ends Dec 2056$429,768