Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,055/mo
Lowest payment- Down payment
- $79,200
- Funds due
- $90,070
- Interest + MI left
- $151,812
- First ends
- May 2051
Assumption
Assumption + second
$2,393/mo
+$338/mo- Down payment
- $37,200
- Funds due
- $49,341
- Interest + MI left
- $231,471
- First ends
- May 2051
New loan
New conventional
$2,821/mo
+$766/mo- Down payment
- $37,200
- Funds due
- $45,988
- Interest + MI left
- $504,714
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,800 | $290,800 | $332,800 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,369.47 | $1,369.47 | $2,304.24 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $235.78 | $235.78 | $66.56 |
| Taxes, insurance & HOA | $450.08 | $450.08 | $450.08 |
| Total housing payment | $2,055.33 | $2,393.27 | $2,820.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,200
Closing costs & prepaids$12,141
Usable credit−$0
Total buyer cash needed$49,341
Earnest money paid−$0
Remaining funds due$49,341
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$630.25
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$44.78
Prepaid interest, second (2 days)$20.71
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$48,326Through Nov 2026
Assumption only · ends May 2051$151,812
Assumption + second · ends May 2051, second Dec 2056$231,471
New conventional · ends Dec 2056$504,714