Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,114/mo
Lowest payment- Down payment
- $35,130
- Funds due
- $43,765
- Interest + MI left
- $68,824
- First ends
- May 2051
Assumption
Assumption + second
$1,389/mo
+$275/mo- Down payment
- $8,130
- Funds due
- $18,032
- Interest + MI left
- $140,871
- First ends
- May 2051
New loan
New conventional
$1,495/mo
+$381/mo- Down payment
- $8,130
- Funds due
- $14,924
- Interest + MI left
- $231,103
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,865 | $124,865 | $151,865 |
| Second mortgage | — | $27,000 | — |
| First P&I | $600.25 | $600.25 | $1,051.48 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $100.85 | $100.85 | $30.37 |
| Taxes, insurance & HOA | $413.08 | $413.08 | $413.08 |
| Total housing payment | $1,114.18 | $1,389.31 | $1,494.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,130
Closing costs & prepaids$9,902
Usable credit−$0
Total buyer cash needed$18,032
Earnest money paid−$0
Remaining funds due$18,032
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,599.95
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)$99.25
Initial HOA (3 months)$690.00
Prepaid interest, first (2 days)$20.53
Prepaid interest, second (2 days)$17.57
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 3.000%
Interest already paid$22,109Through Nov 2026
Assumption only · ends May 2051$68,824
Assumption + second · ends May 2051, second Dec 2056$140,871
New conventional · ends Dec 2056$231,103