Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,693/mo
Lowest payment- Down payment
- $110,481
- Funds due
- $120,930
- Interest + MI left
- $122,714
- First ends
- May 2051
Assumption
Assumption + second
$2,304/mo
+$612/mo- Down payment
- $34,481
- Funds due
- $46,199
- Interest + MI left
- $266,859
- First ends
- May 2051
New loan
New conventional
$2,576/mo
+$884/mo- Down payment
- $34,481
- Funds due
- $42,828
- Interest + MI left
- $455,637
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,519 | $224,519 | $300,519 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,075.82 | $1,075.82 | $2,080.73 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $181.44 | $181.44 | $60.10 |
| Taxes, insurance & HOA | $435.42 | $435.42 | $435.42 |
| Total housing payment | $1,692.68 | $2,304.19 | $2,576.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,481
Closing costs & prepaids$11,718
Usable credit−$0
Total buyer cash needed$46,199
Earnest money paid−$0
Remaining funds due$46,199
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$856.25
Prepaid interest, first (1 days)$18.27
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 2.970%
Interest already paid$39,368Through Nov 2026
Assumption only · ends May 2051$122,714
Assumption + second · ends May 2051, second Dec 2056$266,859
New conventional · ends Dec 2056$455,637