Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,436/mo
Lowest payment- Down payment
- $273,166
- Funds due
- $284,838
- Interest + MI left
- $107,978
- First ends
- May 2051
Assumption
Assumption + second
$3,048/mo
+$1,612/mo- Down payment
- $48,166
- Funds due
- $61,136
- Interest + MI left
- $463,272
- First ends
- May 2051
New loan
New conventional
$3,370/mo
+$1,935/mo- Down payment
- $48,166
- Funds due
- $57,628
- Interest + MI left
- $654,905
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,834 | $206,834 | $431,834 |
| Second mortgage | — | $225,000 | — |
| First P&I | $974.05 | $974.05 | $2,989.93 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $167.70 | $167.70 | $86.37 |
| Taxes, insurance & HOA | $293.83 | $293.83 | $293.83 |
| Total housing payment | $1,435.58 | $3,047.51 | $3,370.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,166
Closing costs & prepaids$12,970
Usable credit−$0
Total buyer cash needed$61,136
Earnest money paid−$0
Remaining funds due$61,136
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$381.50
Prepaid interest, first (1 days)$15.92
Prepaid interest, second (1 days)$47.77
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$34,372Through Nov 2026
Assumption only · ends May 2051$107,978
Assumption + second · ends May 2051, second Dec 2056$463,272
New conventional · ends Dec 2056$654,905