Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,772/mo
Lowest payment- Down payment
- $167,903
- Funds due
- $179,081
- Interest + MI left
- $142,845
- First ends
- May 2051
Assumption
Assumption + second
$2,689/mo
+$917/mo- Down payment
- $42,903
- Funds due
- $55,577
- Interest + MI left
- $348,039
- First ends
- May 2051
New loan
New conventional
$2,985/mo
+$1,213/mo- Down payment
- $42,903
- Funds due
- $52,335
- Interest + MI left
- $558,689
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,097 | $257,097 | $382,097 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,244.10 | $1,244.10 | $2,588.46 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $207.96 | $207.96 | $76.42 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,772.06 | $2,689.27 | $2,984.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,903
Closing costs & prepaids$12,674
Usable credit−$0
Total buyer cash needed$55,577
Earnest money paid−$0
Remaining funds due$55,577
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$192.72
Prepaid interest, second (9 days)$246.58
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 3.04%
Interest already paid$46,868Through Dec 2026
Assumption only · ends May 2051$142,845
Assumption + second · ends May 2051, second Jan 2057$348,039
New conventional · ends Jan 2057$558,689