Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,096/mo
Lowest payment- Down payment
- $111,707
- Funds due
- $121,058
- Interest + MI left
- $69,372
- First ends
- May 2051
Assumption
Assumption + second
$1,796/mo
+$700/mo- Down payment
- $24,707
- Funds due
- $35,416
- Interest + MI left
- $234,379
- First ends
- May 2051
New loan
New conventional
$1,895/mo
+$799/mo- Down payment
- $24,707
- Funds due
- $32,176
- Interest + MI left
- $322,105
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,293 | $133,293 | $220,293 |
| Second mortgage | — | $87,000 | — |
| First P&I | $629.21 | $629.21 | $1,492.34 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $108.33 | $108.33 | $44.06 |
| Taxes, insurance & HOA | $358.25 | $358.25 | $358.25 |
| Total housing payment | $1,095.78 | $1,795.81 | $1,894.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,707
Closing costs & prepaids$10,708
Usable credit−$0
Total buyer cash needed$35,416
Earnest money paid−$0
Remaining funds due$35,416
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$624.75
Prepaid interest, first (5 days)$51.31
Prepaid interest, second (5 days)$107.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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$22,516Through Dec 2026
Assumption only · ends May 2051$69,372
Assumption + second · ends May 2051, second Jan 2057$234,379
New conventional · ends Jan 2057$322,105