Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,329/mo
Lowest payment- Down payment
- $110,650
- Funds due
- $120,609
- Interest + MI left
- $49,971
- First ends
- May 2047
Assumption
Assumption + second
$2,046/mo
+$716/mo- Down payment
- $21,650
- Funds due
- $32,968
- Interest + MI left
- $218,772
- First ends
- May 2047
New loan
New conventional
$2,011/mo
+$682/mo- Down payment
- $21,650
- Funds due
- $29,737
- Interest + MI left
- $282,710
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,350 | $104,350 | $193,350 |
| Second mortgage | — | $89,000 | — |
| First P&I | $579.58 | $579.58 | $1,309.82 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $87.08 | $87.08 | $38.67 |
| Taxes, insurance & HOA | $662.75 | $662.75 | $662.75 |
| Total housing payment | $1,329.41 | $2,045.53 | $2,011.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,650
Closing costs & prepaids$11,318
Usable credit−$0
Total buyer cash needed$32,968
Earnest money paid−$0
Remaining funds due$32,968
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$548.25
Initial HOA (3 months)$990.00
Prepaid interest, first (5 days)$45.46
Prepaid interest, second (5 days)$109.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing20 yr 5 moOf the original 26-year loan at 3.18%
Interest already paid$20,250Through Dec 2026
Assumption only · ends May 2047$49,971
Assumption + second · ends May 2047, second Jan 2057$218,772
New conventional · ends Jan 2057$282,710