Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,500/mo
Lowest payment- Down payment
- $273,655
- Funds due
- $285,649
- Interest + MI left
- $107,391
- First ends
- May 2051
Assumption
Assumption + second
$3,112/mo
+$1,612/mo- Down payment
- $48,655
- Funds due
- $62,329
- Interest + MI left
- $462,685
- First ends
- May 2051
New loan
New conventional
$3,367/mo
+$1,867/mo- Down payment
- $48,655
- Funds due
- $58,983
- Interest + MI left
- $630,698
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,345 | $206,345 | $431,345 |
| Second mortgage | — | $225,000 | — |
| First P&I | $974.05 | $974.05 | $2,922.08 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $167.70 | $167.70 | $86.27 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $1,500.41 | $3,112.34 | $3,367.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,655
Closing costs & prepaids$13,674
Usable credit−$0
Total buyer cash needed$62,329
Earnest money paid−$0
Remaining funds due$62,329
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Prepaid interest, first (9 days)$142.97
Prepaid interest, second (9 days)$429.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 2.81%
Interest already paid$34,857Through Dec 2026
Assumption only · ends May 2051$107,391
Assumption + second · ends May 2051, second Jan 2057$462,685
New conventional · ends Jan 2057$630,698