Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,753/mo
Lowest payment- Down payment
- $91,767
- Funds due
- $102,067
- Interest + MI left
- $132,671
- First ends
- May 2051
Assumption
Assumption + second
$2,204/mo
+$451/mo- Down payment
- $35,767
- Funds due
- $47,330
- Interest + MI left
- $238,883
- First ends
- May 2051
New loan
New conventional
$2,570/mo
+$816/mo- Down payment
- $35,767
- Funds due
- $43,953
- Interest + MI left
- $474,825
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,133 | $257,133 | $313,133 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,205.66 | $1,205.66 | $2,168.07 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $208.65 | $208.65 | $62.63 |
| Taxes, insurance & HOA | $338.83 | $338.83 | $338.83 |
| Total housing payment | $1,753.15 | $2,203.74 | $2,569.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,767
Closing costs & prepaids$11,564
Usable credit−$0
Total buyer cash needed$47,330
Earnest money paid−$0
Remaining funds due$47,330
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,489.00
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)$566.50
Prepaid interest, first (1 days)$19.51
Prepaid interest, second (1 days)$13.81
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 2.770%
Interest already paid$42,141Through Nov 2026
Assumption only · ends May 2051$132,671
Assumption + second · ends May 2051, second Dec 2056$238,883
New conventional · ends Dec 2056$474,825