Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,635/mo
Lowest payment- Down payment
- $176,199
- Funds due
- $187,005
- Interest + MI left
- $135,133
- First ends
- May 2051
Assumption
Assumption + second
$2,618/mo
+$983/mo- Down payment
- $42,199
- Funds due
- $54,313
- Interest + MI left
- $355,101
- First ends
- May 2051
New loan
New conventional
$2,955/mo
+$1,320/mo- Down payment
- $42,199
- Funds due
- $50,896
- Interest + MI left
- $572,961
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,801 | $243,801 | $377,801 |
| Second mortgage | — | $134,000 | — |
| First P&I | $1,174.53 | $1,174.53 | $2,615.82 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $196.83 | $196.83 | $75.56 |
| Taxes, insurance & HOA | $263.58 | $263.58 | $263.58 |
| Total housing payment | $1,634.94 | $2,618.18 | $2,954.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,199
Closing costs & prepaids$12,115
Usable credit−$0
Total buyer cash needed$54,313
Earnest money paid−$0
Remaining funds due$54,313
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$340.75
Prepaid interest, first (2 days)$40.34
Prepaid interest, second (2 days)$58.74
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 3.020%
Interest already paid$43,446Through Nov 2026
Assumption only · ends May 2051$135,133
Assumption + second · ends May 2051, second Dec 2056$355,101
New conventional · ends Dec 2056$572,961