Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,504/mo
Lowest payment- Down payment
- $138,334
- Funds due
- $148,631
- Interest + MI left
- $110,448
- First ends
- May 2051
Assumption
Assumption + second
$2,259/mo
+$756/mo- Down payment
- $35,334
- Funds due
- $46,904
- Interest + MI left
- $279,528
- First ends
- May 2051
New loan
New conventional
$2,577/mo
+$1,073/mo- Down payment
- $35,334
- Funds due
- $43,525
- Interest + MI left
- $476,998
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,566 | $211,566 | $314,566 |
| Second mortgage | — | $103,000 | — |
| First P&I | $996.33 | $996.33 | $2,177.99 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $171.53 | $171.53 | $62.91 |
| Taxes, insurance & HOA | $335.67 | $335.67 | $335.67 |
| Total housing payment | $1,503.53 | $2,259.31 | $2,576.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,334
Closing costs & prepaids$11,570
Usable credit−$0
Total buyer cash needed$46,904
Earnest money paid−$0
Remaining funds due$46,904
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$557.00
Prepaid interest, first (1 days)$16.29
Prepaid interest, second (1 days)$22.58
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$35,159Through Nov 2026
Assumption only · ends May 2051$110,448
Assumption + second · ends May 2051, second Dec 2056$279,528
New conventional · ends Dec 2056$476,998