Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,021/mo
Lowest payment- Down payment
- $158,830
- Funds due
- $168,452
- Interest + MI left
- $70,817
- First ends
- May 2051
Assumption
Assumption + second
$1,967/mo
+$947/mo- Down payment
- $29,830
- Funds due
- $40,956
- Interest + MI left
- $282,578
- First ends
- May 2051
New loan
New conventional
$2,117/mo
+$1,096/mo- Down payment
- $29,830
- Funds due
- $37,729
- Interest + MI left
- $387,576
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,070 | $136,070 | $265,070 |
| Second mortgage | — | $129,000 | — |
| First P&I | $642.32 | $642.32 | $1,795.68 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $110.59 | $110.59 | $53.01 |
| Taxes, insurance & HOA | $268.00 | $268.00 | $268.00 |
| Total housing payment | $1,020.90 | $1,967.46 | $2,116.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,830
Closing costs & prepaids$11,127
Usable credit−$0
Total buyer cash needed$40,956
Earnest money paid−$0
Remaining funds due$40,956
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.00
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)$354.00
Prepaid interest, first (9 days)$94.28
Prepaid interest, second (9 days)$254.47
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$22,986Through Dec 2026
Assumption only · ends May 2051$70,817
Assumption + second · ends May 2051, second Jan 2057$282,578
New conventional · ends Jan 2057$387,576