Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,043/mo
Lowest payment- Down payment
- $108,521
- Funds due
- $119,759
- Interest + MI left
- $147,661
- First ends
- May 2051
Assumption
Assumption + second
$2,591/mo
+$547/mo- Down payment
- $40,521
- Funds due
- $53,110
- Interest + MI left
- $276,632
- First ends
- May 2051
New loan
New conventional
$2,948/mo
+$904/mo- Down payment
- $40,521
- Funds due
- $49,847
- Interest + MI left
- $524,084
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,479 | $290,479 | $358,479 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,359.34 | $1,359.34 | $2,428.46 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $236.47 | $236.47 | $71.70 |
| Taxes, insurance & HOA | $447.58 | $447.58 | $447.58 |
| Total housing payment | $2,043.40 | $2,590.54 | $2,947.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,521
Closing costs & prepaids$12,589
Usable credit−$0
Total buyer cash needed$53,110
Earnest money paid−$0
Remaining funds due$53,110
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$414.00
Prepaid interest, first (6 days)$130.36
Prepaid interest, second (6 days)$100.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.73%
Interest already paid$47,714Through Dec 2026
Assumption only · ends May 2051$147,661
Assumption + second · ends May 2051, second Jan 2057$276,632
New conventional · ends Jan 2057$524,084