Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,407/mo
Lowest payment- Down payment
- $270,900
- Funds due
- $282,443
- Interest + MI left
- $109,167
- First ends
- May 2051
Assumption
Assumption + second
$2,998/mo
+$1,590/mo- Down payment
- $48,900
- Funds due
- $61,740
- Interest + MI left
- $459,723
- First ends
- May 2051
New loan
New conventional
$3,341/mo
+$1,933/mo- Down payment
- $48,900
- Funds due
- $58,226
- Interest + MI left
- $661,375
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,100 | $214,100 | $436,100 |
| Second mortgage | — | $222,000 | — |
| First P&I | $999.52 | $999.52 | $3,019.47 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | $173.88 | $173.88 | $87.22 |
| Taxes, insurance & HOA | $234.00 | $234.00 | $234.00 |
| Total housing payment | $1,407.39 | $2,997.83 | $3,340.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,900
Closing costs & prepaids$12,840
Usable credit−$0
Total buyer cash needed$61,740
Earnest money paid−$0
Remaining funds due$61,740
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$202.00
Prepaid interest, first (1 days)$16.01
Prepaid interest, second (1 days)$47.14
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 2.730%
Interest already paid$34,597Through Nov 2026
Assumption only · ends May 2051$109,167
Assumption + second · ends May 2051, second Dec 2056$459,723
New conventional · ends Dec 2056$661,375