Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,437/mo
Lowest payment- Down payment
- $175,222
- Funds due
- $186,092
- Interest + MI left
- $83,449
- First ends
- May 2051
Assumption
Assumption + second
$2,479/mo
+$1,042/mo- Down payment
- $33,222
- Funds due
- $45,528
- Interest + MI left
- $316,549
- First ends
- May 2051
New loan
New conventional
$2,625/mo
+$1,188/mo- Down payment
- $33,222
- Funds due
- $42,229
- Interest + MI left
- $426,569
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,778 | $149,778 | $291,778 |
| Second mortgage | — | $142,000 | — |
| First P&I | $725.56 | $725.56 | $1,976.61 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $121.13 | $121.13 | $58.36 |
| Taxes, insurance & HOA | $590.00 | $590.00 | $590.00 |
| Total housing payment | $1,436.69 | $2,478.63 | $2,624.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,222
Closing costs & prepaids$12,307
Usable credit−$0
Total buyer cash needed$45,528
Earnest money paid−$0
Remaining funds due$45,528
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$930.00
Prepaid interest, first (6 days)$75.09
Prepaid interest, second (6 days)$186.74
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 3.05%
Interest already paid$27,391Through Dec 2026
Assumption only · ends May 2051$83,449
Assumption + second · ends May 2051, second Jan 2057$316,549
New conventional · ends Jan 2057$426,569