Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,475/mo
Lowest payment- Down payment
- $175,120
- Funds due
- $185,781
- Interest + MI left
- $104,725
- First ends
- May 2051
Assumption
Assumption + second
$2,481/mo
+$1,005/mo- Down payment
- $38,120
- Funds due
- $50,091
- Interest + MI left
- $329,618
- First ends
- May 2051
New loan
New conventional
$2,787/mo
+$1,311/mo- Down payment
- $38,120
- Funds due
- $46,708
- Interest + MI left
- $518,332
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,780 | $204,780 | $341,780 |
| Second mortgage | — | $137,000 | — |
| First P&I | $957.05 | $957.05 | $2,366.42 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $166.27 | $166.27 | $68.36 |
| Taxes, insurance & HOA | $352.16 | $352.16 | $352.16 |
| Total housing payment | $1,475.49 | $2,480.74 | $2,786.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,120
Closing costs & prepaids$11,971
Usable credit−$0
Total buyer cash needed$50,091
Earnest money paid−$0
Remaining funds due$50,091
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$347.50
Initial HOA (3 months)$258.99
Prepaid interest, first (2 days)$30.75
Prepaid interest, second (2 days)$60.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 2.740%
Interest already paid$33,208Through Nov 2026
Assumption only · ends May 2051$104,725
Assumption + second · ends May 2051, second Dec 2056$329,618
New conventional · ends Dec 2056$518,332