Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,174/mo
Lowest payment- Down payment
- $150,906
- Funds due
- $160,763
- Interest + MI left
- $76,021
- First ends
- May 2051
Assumption
Assumption + second
$2,054/mo
+$881/mo- Down payment
- $30,906
- Funds due
- $42,039
- Interest + MI left
- $273,007
- First ends
- May 2051
New loan
New conventional
$2,274/mo
+$1,100/mo- Down payment
- $30,906
- Funds due
- $38,697
- Interest + MI left
- $407,992
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,094 | $149,094 | $269,094 |
| Second mortgage | — | $120,000 | — |
| First P&I | $696.04 | $696.04 | $1,863.15 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $121.08 | $121.08 | $53.82 |
| Taxes, insurance & HOA | $356.83 | $356.83 | $356.83 |
| Total housing payment | $1,173.95 | $2,054.47 | $2,273.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,906
Closing costs & prepaids$11,133
Usable credit−$0
Total buyer cash needed$42,039
Earnest money paid−$0
Remaining funds due$42,039
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$620.50
Prepaid interest, first (1 days)$11.15
Prepaid interest, second (1 days)$26.30
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$24,092Through Nov 2026
Assumption only · ends May 2051$76,021
Assumption + second · ends May 2051, second Dec 2056$273,007
New conventional · ends Dec 2056$407,992