Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,046/mo
Lowest payment- Down payment
- $48,556
- Funds due
- $57,032
- Interest + MI left
- $74,670
- First ends
- May 2051
Assumption
Assumption + second
$1,279/mo
+$233/mo- Down payment
- $19,556
- Funds due
- $29,297
- Interest + MI left
- $129,672
- First ends
- May 2051
New loan
New conventional
$1,493/mo
+$447/mo- Down payment
- $19,556
- Funds due
- $26,086
- Interest + MI left
- $266,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,444 | $146,444 | $175,444 |
| Second mortgage | — | $29,000 | — |
| First P&I | $683.67 | $683.67 | $1,214.74 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $118.93 | $118.93 | $35.09 |
| Taxes, insurance & HOA | $243.17 | $243.17 | $243.17 |
| Total housing payment | $1,045.76 | $1,279.11 | $1,492.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,556
Closing costs & prepaids$9,741
Usable credit−$0
Total buyer cash needed$29,297
Earnest money paid−$0
Remaining funds due$29,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,950.00
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)$279.50
Prepaid interest, first (2 days)$21.91
Prepaid interest, second (2 days)$14.30
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 2.730%
Interest already paid$23,664Through Nov 2026
Assumption only · ends May 2051$74,670
Assumption + second · ends May 2051, second Dec 2056$129,672
New conventional · ends Dec 2056$266,073