Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,479/mo
Lowest payment- Down payment
- $156,898
- Funds due
- $167,291
- Interest + MI left
- $113,511
- First ends
- May 2051
Assumption
Assumption + second
$2,360/mo
+$881/mo- Down payment
- $36,898
- Funds due
- $48,568
- Interest + MI left
- $310,497
- First ends
- May 2051
New loan
New conventional
$2,635/mo
+$1,156/mo- Down payment
- $36,898
- Funds due
- $45,171
- Interest + MI left
- $489,926
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,092 | $203,092 | $323,092 |
| Second mortgage | — | $120,000 | — |
| First P&I | $981.57 | $981.57 | $2,237.02 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $163.86 | $163.86 | $64.62 |
| Taxes, insurance & HOA | $333.83 | $333.83 | $333.83 |
| Total housing payment | $1,479.27 | $2,359.79 | $2,635.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,898
Closing costs & prepaids$11,670
Usable credit−$0
Total buyer cash needed$48,568
Earnest money paid−$0
Remaining funds due$48,568
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.90
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)$551.50
Prepaid interest, first (1 days)$16.97
Prepaid interest, second (1 days)$26.30
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 3.050%
Interest already paid$36,540Through Nov 2026
Assumption only · ends May 2051$113,511
Assumption + second · ends May 2051, second Dec 2056$310,497
New conventional · ends Dec 2056$489,926