Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,544/mo
Lowest payment- Down payment
- $271,054
- Funds due
- $283,109
- Interest + MI left
- $111,348
- First ends
- May 2051
Assumption
Assumption + second
$3,135/mo
+$1,590/mo- Down payment
- $49,054
- Funds due
- $62,783
- Interest + MI left
- $461,904
- First ends
- May 2051
New loan
New conventional
$3,401/mo
+$1,857/mo- Down payment
- $49,054
- Funds due
- $59,442
- Interest + MI left
- $637,425
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,946 | $213,946 | $435,946 |
| Second mortgage | — | $222,000 | — |
| First P&I | $1,009.93 | $1,009.93 | $2,953.25 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | $173.88 | $173.88 | $87.19 |
| Taxes, insurance & HOA | $360.67 | $360.67 | $360.67 |
| Total housing payment | $1,544.47 | $3,134.91 | $3,401.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,054
Closing costs & prepaids$13,729
Usable credit−$0
Total buyer cash needed$62,783
Earnest money paid−$0
Remaining funds due$62,783
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)$148.24
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 2.81%
Interest already paid$36,141Through Dec 2026
Assumption only · ends May 2051$111,348
Assumption + second · ends May 2051, second Jan 2057$461,904
New conventional · ends Jan 2057$637,425