Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,738/mo
Lowest payment- Down payment
- $139,231
- Funds due
- $150,200
- Interest + MI left
- $116,762
- First ends
- May 2051
Assumption
Assumption + second
$2,502/mo
+$763/mo- Down payment
- $35,231
- Funds due
- $47,495
- Interest + MI left
- $287,484
- First ends
- May 2051
New loan
New conventional
$2,795/mo
+$1,057/mo- Down payment
- $35,231
- Funds due
- $44,141
- Interest + MI left
- $477,199
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,657 | $210,657 | $314,657 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,014.85 | $1,014.85 | $2,178.62 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $170.07 | $170.07 | $62.93 |
| Taxes, insurance & HOA | $553.50 | $553.50 | $553.50 |
| Total housing payment | $1,738.42 | $2,501.54 | $2,795.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,231
Closing costs & prepaids$12,265
Usable credit−$0
Total buyer cash needed$47,495
Earnest money paid−$0
Remaining funds due$47,495
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,498.88
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)$1,210.50
Prepaid interest, first (2 days)$34.86
Prepaid interest, second (2 days)$45.59
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 3.020%
Interest already paid$37,540Through Nov 2026
Assumption only · ends May 2051$116,762
Assumption + second · ends May 2051, second Dec 2056$287,484
New conventional · ends Dec 2056$477,199