Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,508/mo
Lowest payment- Down payment
- $196,705
- Funds due
- $210,294
- Interest + MI left
- $153,063
- First ends
- May 2051
Assumption
Assumption + second
$3,587/mo
+$1,079/mo- Down payment
- $49,705
- Funds due
- $64,609
- Interest + MI left
- $394,371
- First ends
- May 2051
New loan
New conventional
$4,026/mo
+$1,517/mo- Down payment
- $49,705
- Funds due
- $61,130
- Interest + MI left
- $667,497
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,195 | $293,195 | $440,195 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,380.75 | $1,380.75 | $3,047.82 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $237.72 | $237.72 | $88.04 |
| Taxes, insurance & HOA | $889.92 | $889.92 | $889.92 |
| Total housing payment | $2,508.38 | $3,587.01 | $4,025.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,705
Closing costs & prepaids$14,903
Usable credit−$0
Total buyer cash needed$64,609
Earnest money paid−$0
Remaining funds due$64,609
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,899.00
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)$1,224.75
Initial HOA (3 months)$945.00
Prepaid interest, first (2 days)$45.14
Prepaid interest, second (2 days)$64.44
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 2.810%
Interest already paid$48,724Through Nov 2026
Assumption only · ends May 2051$153,063
Assumption + second · ends May 2051, second Dec 2056$394,371
New conventional · ends Dec 2056$667,497