Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,102/mo
Lowest payment- Down payment
- $195,237
- Funds due
- $205,378
- Interest + MI left
- $79,985
- First ends
- May 2051
Assumption
Assumption + second
$2,284/mo
+$1,181/mo- Down payment
- $34,237
- Funds due
- $45,945
- Interest + MI left
- $344,275
- First ends
- May 2051
New loan
New conventional
$2,418/mo
+$1,316/mo- Down payment
- $34,237
- Funds due
- $42,669
- Interest + MI left
- $447,075
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,762 | $144,762 | $305,762 |
| Second mortgage | — | $161,000 | — |
| First P&I | $699.01 | $699.01 | $2,071.34 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $117.14 | $117.14 | $61.15 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,102.15 | $2,283.51 | $2,418.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,237
Closing costs & prepaids$11,708
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%)$3,399.99
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)$107.80
Prepaid interest, second (9 days)$317.59
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 3.02%
Interest already paid$26,222Through Dec 2026
Assumption only · ends May 2051$79,985
Assumption + second · ends May 2051, second Jan 2057$344,275
New conventional · ends Jan 2057$447,075