Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,784/mo
Lowest payment- Down payment
- $103,597
- Funds due
- $114,395
- Interest + MI left
- $115,089
- First ends
- May 2051
Assumption
Assumption + second
$2,348/mo
+$563/mo- Down payment
- $33,597
- Funds due
- $45,748
- Interest + MI left
- $247,853
- First ends
- May 2051
New loan
New conventional
$2,608/mo
+$823/mo- Down payment
- $33,597
- Funds due
- $42,507
- Interest + MI left
- $433,331
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,403 | $226,403 | $296,403 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,059.49 | $1,059.49 | $2,007.94 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $184.31 | $184.31 | $59.28 |
| Taxes, insurance & HOA | $540.50 | $540.50 | $540.50 |
| Total housing payment | $1,784.30 | $2,347.53 | $2,607.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,597
Closing costs & prepaids$12,152
Usable credit−$0
Total buyer cash needed$45,748
Earnest money paid−$0
Remaining funds due$45,748
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$1,171.50
Prepaid interest, first (6 days)$101.60
Prepaid interest, second (6 days)$103.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.73%
Interest already paid$37,189Through Dec 2026
Assumption only · ends May 2051$115,089
Assumption + second · ends May 2051, second Jan 2057$247,853
New conventional · ends Jan 2057$433,331