Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,709/mo
Lowest payment- Down payment
- $70,417
- Funds due
- $80,469
- Interest + MI left
- $138,710
- First ends
- May 2051
Assumption
Assumption + second
$2,007/mo
+$298/mo- Down payment
- $33,417
- Funds due
- $44,801
- Interest + MI left
- $208,886
- First ends
- May 2051
New loan
New conventional
$2,314/mo
+$605/mo- Down payment
- $33,417
- Funds due
- $41,664
- Interest + MI left
- $426,284
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,583 | $254,583 | $291,583 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,222.71 | $1,222.71 | $1,975.28 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $206.22 | $206.22 | $58.32 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,708.92 | $2,006.63 | $2,313.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,417
Closing costs & prepaids$11,384
Usable credit−$0
Total buyer cash needed$44,801
Earnest money paid−$0
Remaining funds due$44,801
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$186.44
Prepaid interest, second (9 days)$82.11
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 2.97%
Interest already paid$45,375Through Dec 2026
Assumption only · ends May 2051$138,710
Assumption + second · ends May 2051, second Jan 2057$208,886
New conventional · ends Jan 2057$426,284