Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,993/mo
Lowest payment- Down payment
- $79,888
- Funds due
- $90,728
- Interest + MI left
- $150,987
- First ends
- May 2051
Assumption
Assumption + second
$2,331/mo
+$338/mo- Down payment
- $37,888
- Funds due
- $50,072
- Interest + MI left
- $230,646
- First ends
- May 2051
New loan
New conventional
$2,704/mo
+$711/mo- Down payment
- $37,888
- Funds due
- $46,936
- Interest + MI left
- $485,536
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,112 | $290,112 | $332,112 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,369.47 | $1,369.47 | $2,249.84 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $235.78 | $235.78 | $66.42 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $1,993.24 | $2,331.19 | $2,704.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,888
Closing costs & prepaids$12,183
Usable credit−$0
Total buyer cash needed$50,072
Earnest money paid−$0
Remaining funds due$50,072
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$201.01
Prepaid interest, second (9 days)$93.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 2.81%
Interest already paid$49,007Through Dec 2026
Assumption only · ends May 2051$150,987
Assumption + second · ends May 2051, second Jan 2057$230,646
New conventional · ends Jan 2057$485,536