Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,422/mo
Lowest payment- Down payment
- $84,326
- Funds due
- $94,143
- Interest + MI left
- $85,968
- First ends
- May 2051
Assumption
Assumption + second
$1,897/mo
+$475/mo- Down payment
- $25,326
- Funds due
- $36,407
- Interest + MI left
- $197,870
- First ends
- May 2051
New loan
New conventional
$2,106/mo
+$684/mo- Down payment
- $25,326
- Funds due
- $33,122
- Interest + MI left
- $339,172
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,674 | $164,674 | $223,674 |
| Second mortgage | — | $59,000 | — |
| First P&I | $775.50 | $775.50 | $1,548.67 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $133.51 | $133.51 | $44.73 |
| Taxes, insurance & HOA | $513.00 | $513.00 | $513.00 |
| Total housing payment | $1,422.02 | $1,896.74 | $2,106.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,326
Closing costs & prepaids$11,081
Usable credit−$0
Total buyer cash needed$36,407
Earnest money paid−$0
Remaining funds due$36,407
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$1,089.00
Prepaid interest, first (1 days)$12.68
Prepaid interest, second (1 days)$14.55
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$27,366Through Nov 2026
Assumption only · ends May 2051$85,968
Assumption + second · ends May 2051, second Dec 2056$197,870
New conventional · ends Dec 2056$339,172