Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,075/mo
Lowest payment- Down payment
- $213,874
- Funds due
- $226,324
- Interest + MI left
- $154,070
- First ends
- May 2051
Assumption
Assumption + second
$3,264/mo
+$1,189/mo- Down payment
- $51,874
- Funds due
- $65,645
- Interest + MI left
- $420,002
- First ends
- May 2051
New loan
New conventional
$3,703/mo
+$1,627/mo- Down payment
- $51,874
- Funds due
- $62,144
- Interest + MI left
- $693,171
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,126 | $295,126 | $457,126 |
| Second mortgage | — | $162,000 | — |
| First P&I | $1,389.84 | $1,389.84 | $3,165.05 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $239.28 | $239.28 | $91.43 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $2,075.37 | $3,264.07 | $3,702.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,874
Closing costs & prepaids$13,770
Usable credit−$0
Total buyer cash needed$65,645
Earnest money paid−$0
Remaining funds due$65,645
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,090.00
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)$442.75
Initial HOA (3 months)$396.00
Prepaid interest, first (2 days)$45.44
Prepaid interest, second (2 days)$71.01
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$49,045Through Nov 2026
Assumption only · ends May 2051$154,070
Assumption + second · ends May 2051, second Dec 2056$420,002
New conventional · ends Dec 2056$693,171