Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,000/mo
Lowest payment- Down payment
- $122,780
- Funds due
- $133,945
- Interest + MI left
- $151,464
- First ends
- May 2051
Assumption
Assumption + second
$2,660/mo
+$660/mo- Down payment
- $40,780
- Funds due
- $53,236
- Interest + MI left
- $306,988
- First ends
- May 2051
New loan
New conventional
$3,007/mo
+$1,006/mo- Down payment
- $40,780
- Funds due
- $49,838
- Interest + MI left
- $544,558
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,120 | $277,120 | $359,120 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,327.86 | $1,327.86 | $2,486.47 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $223.95 | $223.95 | $71.82 |
| Taxes, insurance & HOA | $448.58 | $448.58 | $448.58 |
| Total housing payment | $2,000.40 | $2,660.19 | $3,006.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,780
Closing costs & prepaids$12,455
Usable credit−$0
Total buyer cash needed$53,236
Earnest money paid−$0
Remaining funds due$53,236
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$895.75
Prepaid interest, first (2 days)$45.10
Prepaid interest, second (2 days)$40.44
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 2.970%
Interest already paid$48,592Through Nov 2026
Assumption only · ends May 2051$151,464
Assumption + second · ends May 2051, second Dec 2056$306,988
New conventional · ends Dec 2056$544,558