Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,276/mo
Lowest payment- Down payment
- $201,740
- Funds due
- $212,400
- Interest + MI left
- $87,233
- First ends
- May 2052
Assumption
Assumption + second
$2,494/mo
+$1,218/mo- Down payment
- $35,740
- Funds due
- $47,686
- Interest + MI left
- $359,730
- First ends
- May 2052
New loan
New conventional
$2,696/mo
+$1,421/mo- Down payment
- $35,740
- Funds due
- $44,294
- Interest + MI left
- $476,534
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,260 | $148,260 | $314,260 |
| Second mortgage | — | $166,000 | — |
| First P&I | $701.58 | $701.58 | $2,175.87 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $116.38 | $116.38 | $62.85 |
| Taxes, insurance & HOA | $457.58 | $457.58 | $457.58 |
| Total housing payment | $1,275.54 | $2,493.59 | $2,696.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,740
Closing costs & prepaids$11,947
Usable credit−$0
Total buyer cash needed$47,686
Earnest money paid−$0
Remaining funds due$47,686
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$922.75
Prepaid interest, first (1 days)$12.59
Prepaid interest, second (1 days)$36.38
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 closing25 yr 6 moOf the original 30-year loan at 3.100%
Interest already paid$21,848Through Nov 2026
Assumption only · ends May 2052$87,233
Assumption + second · ends May 2052, second Dec 2056$359,730
New conventional · ends Dec 2056$476,534