Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,087/mo
Lowest payment- Down payment
- $365,034
- Funds due
- $381,903
- Interest + MI left
- $210,891
- First ends
- May 2051
Assumption
Assumption + second
$5,151/mo
+$2,063/mo- Down payment
- $77,034
- Funds due
- $95,214
- Interest + MI left
- $665,667
- First ends
- May 2051
New loan
New conventional
$5,787/mo
+$2,699/mo- Down payment
- $77,034
- Funds due
- $91,441
- Interest + MI left
- $1,049,413
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,966 | $403,966 | $691,966 |
| Second mortgage | — | $288,000 | — |
| First P&I | $1,902.40 | $1,902.40 | $4,791.03 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | $327.53 | $327.53 | $138.39 |
| Taxes, insurance & HOA | $857.50 | $857.50 | $857.50 |
| Total housing payment | $3,087.43 | $5,150.70 | $5,786.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,034
Closing costs & prepaids$18,180
Usable credit−$0
Total buyer cash needed$95,214
Earnest money paid−$0
Remaining funds due$95,214
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,690.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,922.50
Prepaid interest, first (1 days)$31.10
Prepaid interest, second (1 days)$61.15
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$67,132Through Nov 2026
Assumption only · ends May 2051$210,891
Assumption + second · ends May 2051, second Dec 2056$665,667
New conventional · ends Dec 2056$1,049,413