Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,317/mo
Lowest payment- Down payment
- $192,521
- Funds due
- $205,284
- Interest + MI left
- $170,373
- First ends
- May 2051
Assumption
Assumption + second
$3,359/mo
+$1,042/mo- Down payment
- $50,521
- Funds due
- $64,565
- Interest + MI left
- $403,473
- First ends
- May 2051
New loan
New conventional
$3,789/mo
+$1,472/mo- Down payment
- $50,521
- Funds due
- $61,045
- Interest + MI left
- $681,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,379 | $307,379 | $449,379 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,480.82 | $1,480.82 | $3,111.41 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $248.16 | $248.16 | $89.88 |
| Taxes, insurance & HOA | $588.00 | $588.00 | $588.00 |
| Total housing payment | $2,316.97 | $3,358.92 | $3,789.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,521
Closing costs & prepaids$14,045
Usable credit−$0
Total buyer cash needed$64,565
Earnest money paid−$0
Remaining funds due$64,565
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$886.00
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$25.43
Prepaid interest, second (1 days)$31.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.020%
Interest already paid$54,776Through Nov 2026
Assumption only · ends May 2051$170,373
Assumption + second · ends May 2051, second Dec 2056$403,473
New conventional · ends Dec 2056$681,424