Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,534/mo
Lowest payment- Down payment
- $271,413
- Funds due
- $283,463
- Interest + MI left
- $108,574
- First ends
- May 2051
Assumption
Assumption + second
$3,124/mo
+$1,590/mo- Down payment
- $49,413
- Funds due
- $63,138
- Interest + MI left
- $459,130
- First ends
- May 2051
New loan
New conventional
$3,399/mo
+$1,865/mo- Down payment
- $49,413
- Funds due
- $59,797
- Interest + MI left
- $636,813
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,587 | $213,587 | $435,587 |
| Second mortgage | — | $222,000 | — |
| First P&I | $999.52 | $999.52 | $2,950.82 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | $173.88 | $173.88 | $87.12 |
| Taxes, insurance & HOA | $360.67 | $360.67 | $360.67 |
| Total housing payment | $1,534.06 | $3,124.49 | $3,398.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,413
Closing costs & prepaids$13,725
Usable credit−$0
Total buyer cash needed$63,138
Earnest money paid−$0
Remaining funds due$63,138
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)$582.00
Prepaid interest, first (9 days)$143.78
Prepaid interest, second (9 days)$424.23
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 2.73%
Interest already paid$35,084Through Dec 2026
Assumption only · ends May 2051$108,574
Assumption + second · ends May 2051, second Jan 2057$459,130
New conventional · ends Jan 2057$636,813