Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,563/mo
Lowest payment- Down payment
- $100,887
- Funds due
- $111,070
- Interest + MI left
- $103,895
- First ends
- May 2051
Assumption
Assumption + second
$2,126/mo
+$563/mo- Down payment
- $30,887
- Funds due
- $42,337
- Interest + MI left
- $236,660
- First ends
- May 2051
New loan
New conventional
$2,381/mo
+$818/mo- Down payment
- $30,887
- Funds due
- $39,001
- Interest + MI left
- $407,869
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,013 | $199,013 | $269,013 |
| Second mortgage | — | $70,000 | — |
| First P&I | $937.22 | $937.22 | $1,862.59 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $161.36 | $161.36 | $53.80 |
| Taxes, insurance & HOA | $464.67 | $464.67 | $464.67 |
| Total housing payment | $1,563.24 | $2,126.48 | $2,381.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,887
Closing costs & prepaids$11,451
Usable credit−$0
Total buyer cash needed$42,337
Earnest money paid−$0
Remaining funds due$42,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$311.00
Initial HOA (3 months)$633.00
Prepaid interest, first (1 days)$15.32
Prepaid interest, second (1 days)$17.26
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 2.810%
Interest already paid$33,073Through Nov 2026
Assumption only · ends May 2051$103,895
Assumption + second · ends May 2051, second Dec 2056$236,660
New conventional · ends Dec 2056$407,869