Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,278/mo
Lowest payment- Down payment
- $91,006
- Funds due
- $100,439
- Interest + MI left
- $95,759
- First ends
- May 2051
Assumption
Assumption + second
$1,785/mo
+$507/mo- Down payment
- $28,006
- Funds due
- $38,828
- Interest + MI left
- $215,247
- First ends
- May 2051
New loan
New conventional
$1,983/mo
+$705/mo- Down payment
- $28,006
- Funds due
- $35,668
- Interest + MI left
- $361,097
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,994 | $183,994 | $246,994 |
| Second mortgage | — | $63,000 | — |
| First P&I | $868.54 | $868.54 | $1,673.22 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $149.53 | $149.53 | $49.40 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $1,278.07 | $1,784.99 | $1,982.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,006
Closing costs & prepaids$10,822
Usable credit−$0
Total buyer cash needed$38,828
Earnest money paid−$0
Remaining funds due$38,828
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Prepaid interest, first (9 days)$127.49
Prepaid interest, second (9 days)$139.81
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$31,081Through Dec 2026
Assumption only · ends May 2051$95,759
Assumption + second · ends May 2051, second Jan 2057$215,247
New conventional · ends Jan 2057$361,097