Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,606/mo
Lowest payment- Down payment
- $189,634
- Funds due
- $203,021
- Interest + MI left
- $196,477
- First ends
- May 2051
Assumption
Assumption + second
$3,574/mo
+$969/mo- Down payment
- $57,634
- Funds due
- $72,474
- Interest + MI left
- $413,162
- First ends
- May 2051
New loan
New conventional
$4,095/mo
+$1,489/mo- Down payment
- $57,634
- Funds due
- $69,155
- Interest + MI left
- $756,475
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,366 | $385,366 | $517,366 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,805.34 | $1,805.34 | $3,504.82 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $313.65 | $313.65 | $103.47 |
| Taxes, insurance & HOA | $486.67 | $486.67 | $486.67 |
| Total housing payment | $2,605.66 | $3,574.23 | $4,094.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,634
Closing costs & prepaids$14,840
Usable credit−$0
Total buyer cash needed$72,474
Earnest money paid−$0
Remaining funds due$72,474
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$270.00
Prepaid interest, first (7 days)$202.50
Prepaid interest, second (7 days)$202.52
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 2.74%
Interest already paid$63,525Through Dec 2026
Assumption only · ends May 2051$196,477
Assumption + second · ends May 2051, second Jan 2057$413,162
New conventional · ends Jan 2057$756,475