Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,700/mo
Lowest payment- Down payment
- $83,379
- Funds due
- $93,586
- Interest + MI left
- $131,950
- First ends
- May 2051
Assumption
Assumption + second
$2,095/mo
+$394/mo- Down payment
- $34,379
- Funds due
- $45,945
- Interest + MI left
- $224,886
- First ends
- May 2051
New loan
New conventional
$2,417/mo
+$716/mo- Down payment
- $34,379
- Funds due
- $42,808
- Interest + MI left
- $446,722
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,521 | $256,521 | $305,521 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,205.66 | $1,205.66 | $2,069.71 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $208.65 | $208.65 | $61.10 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,700.31 | $2,094.58 | $2,416.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,379
Closing costs & prepaids$11,566
Usable credit−$0
Total buyer cash needed$45,945
Earnest money paid−$0
Remaining funds due$45,945
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$408.00
Prepaid interest, first (9 days)$175.21
Prepaid interest, second (9 days)$108.74
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 2.77%
Interest already paid$42,735Through Dec 2026
Assumption only · ends May 2051$131,950
Assumption + second · ends May 2051, second Jan 2057$224,886
New conventional · ends Jan 2057$446,722