Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,784/mo
Lowest payment- Down payment
- $111,664
- Funds due
- $122,389
- Interest + MI left
- $121,524
- First ends
- May 2051
Assumption
Assumption + second
$2,395/mo
+$612/mo- Down payment
- $35,664
- Funds due
- $47,658
- Interest + MI left
- $265,669
- First ends
- May 2051
New loan
New conventional
$2,717/mo
+$933/mo- Down payment
- $35,664
- Funds due
- $44,278
- Interest + MI left
- $476,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,336 | $238,336 | $314,336 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,112.66 | $1,112.66 | $2,176.40 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $193.56 | $193.56 | $62.87 |
| Taxes, insurance & HOA | $477.42 | $477.42 | $477.42 |
| Total housing payment | $1,783.63 | $2,395.15 | $2,716.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,664
Closing costs & prepaids$11,994
Usable credit−$0
Total buyer cash needed$47,658
Earnest money paid−$0
Remaining funds due$47,658
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)$982.25
Prepaid interest, first (1 days)$17.83
Prepaid interest, second (1 days)$18.74
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 2.730%
Interest already paid$38,513Through Nov 2026
Assumption only · ends May 2051$121,524
Assumption + second · ends May 2051, second Dec 2056$265,669
New conventional · ends Dec 2056$476,649