Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,726/mo
Lowest payment- Down payment
- $124,792
- Funds due
- $135,279
- Interest + MI left
- $137,930
- First ends
- May 2051
Assumption
Assumption + second
$2,410/mo
+$684/mo- Down payment
- $39,792
- Funds due
- $51,550
- Interest + MI left
- $299,145
- First ends
- May 2051
New loan
New conventional
$2,755/mo
+$1,029/mo- Down payment
- $39,792
- Funds due
- $48,131
- Interest + MI left
- $529,528
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,208 | $264,208 | $349,208 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,244.24 | $1,244.24 | $2,417.85 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $214.21 | $214.21 | $69.84 |
| Taxes, insurance & HOA | $267.17 | $267.17 | $267.17 |
| Total housing payment | $1,725.62 | $2,409.55 | $2,754.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,792
Closing costs & prepaids$11,758
Usable credit−$0
Total buyer cash needed$51,550
Earnest money paid−$0
Remaining funds due$51,550
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$351.50
Prepaid interest, first (1 days)$20.34
Prepaid interest, second (1 days)$20.96
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$43,907Through Nov 2026
Assumption only · ends May 2051$137,930
Assumption + second · ends May 2051, second Dec 2056$299,145
New conventional · ends Dec 2056$529,528