Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$943/mo
Lowest payment- Down payment
- $158,507
- Funds due
- $167,811
- Interest + MI left
- $71,204
- First ends
- May 2051
Assumption
Assumption + second
$1,889/mo
+$947/mo- Down payment
- $29,507
- Funds due
- $40,089
- Interest + MI left
- $282,964
- First ends
- May 2051
New loan
New conventional
$2,080/mo
+$1,138/mo- Down payment
- $29,507
- Funds due
- $36,759
- Interest + MI left
- $402,486
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,393 | $136,393 | $265,393 |
| Second mortgage | — | $129,000 | — |
| First P&I | $642.32 | $642.32 | $1,837.53 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $110.59 | $110.59 | $53.08 |
| Taxes, insurance & HOA | $189.83 | $189.83 | $189.83 |
| Total housing payment | $942.74 | $1,889.29 | $2,080.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,507
Closing costs & prepaids$10,582
Usable credit−$0
Total buyer cash needed$40,089
Earnest money paid−$0
Remaining funds due$40,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.00
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)$119.50
Prepaid interest, first (1 days)$10.50
Prepaid interest, second (1 days)$28.27
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$22,666Through Nov 2026
Assumption only · ends May 2051$71,204
Assumption + second · ends May 2051, second Dec 2056$282,964
New conventional · ends Dec 2056$402,486