Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,709/mo
Lowest payment- Down payment
- $167,312
- Funds due
- $178,130
- Interest + MI left
- $143,627
- First ends
- May 2051
Assumption
Assumption + second
$2,619/mo
+$910/mo- Down payment
- $43,312
- Funds due
- $55,407
- Interest + MI left
- $347,179
- First ends
- May 2051
New loan
New conventional
$2,976/mo
+$1,267/mo- Down payment
- $43,312
- Funds due
- $51,953
- Interest + MI left
- $578,779
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,688 | $257,688 | $381,688 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,244.10 | $1,244.10 | $2,642.73 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $207.96 | $207.96 | $76.34 |
| Taxes, insurance & HOA | $257.25 | $257.25 | $257.25 |
| Total housing payment | $1,709.31 | $2,619.18 | $2,976.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,312
Closing costs & prepaids$12,095
Usable credit−$0
Total buyer cash needed$55,407
Earnest money paid−$0
Remaining funds due$55,407
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$321.75
Prepaid interest, first (1 days)$21.46
Prepaid interest, second (1 days)$27.18
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 3.040%
Interest already paid$46,215Through Nov 2026
Assumption only · ends May 2051$143,627
Assumption + second · ends May 2051, second Dec 2056$347,179
New conventional · ends Dec 2056$578,779