Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,572/mo
Lowest payment- Down payment
- $156,370
- Funds due
- $169,243
- Interest + MI left
- $204,240
- First ends
- May 2051
Assumption
Assumption + second
$3,313/mo
+$741/mo- Down payment
- $55,370
- Funds due
- $69,648
- Interest + MI left
- $370,037
- First ends
- May 2051
New loan
New conventional
$3,845/mo
+$1,274/mo- Down payment
- $55,370
- Funds due
- $66,359
- Interest + MI left
- $723,158
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,580 | $393,580 | $494,580 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,855.88 | $1,855.88 | $3,350.46 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $319.93 | $319.93 | $98.92 |
| Taxes, insurance & HOA | $395.84 | $395.84 | $395.84 |
| Total housing payment | $2,571.65 | $3,312.75 | $3,845.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,370
Closing costs & prepaids$14,278
Usable credit−$0
Total buyer cash needed$69,648
Earnest money paid−$0
Remaining funds due$69,648
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.50
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Initial HOA (3 months)$27.51
Prepaid interest, first (7 days)$211.35
Prepaid interest, second (7 days)$154.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.8%
Interest already paid$66,256Through Dec 2026
Assumption only · ends May 2051$204,240
Assumption + second · ends May 2051, second Jan 2057$370,037
New conventional · ends Jan 2057$723,158