Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,460/mo
Lowest payment- Down payment
- $148,453
- Funds due
- $161,011
- Interest + MI left
- $195,972
- First ends
- May 2051
Assumption
Assumption + second
$3,225/mo
+$764/mo- Down payment
- $53,453
- Funds due
- $67,425
- Interest + MI left
- $376,153
- First ends
- May 2051
New loan
New conventional
$3,665/mo
+$1,205/mo- Down payment
- $53,453
- Funds due
- $64,123
- Interest + MI left
- $689,385
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,547 | $376,547 | $471,547 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,777.48 | $1,777.48 | $3,194.42 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $306.02 | $306.02 | $94.31 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $2,460.17 | $3,224.56 | $3,665.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,453
Closing costs & prepaids$13,972
Usable credit−$0
Total buyer cash needed$67,425
Earnest money paid−$0
Remaining funds due$67,425
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$630.00
Prepaid interest, first (7 days)$202.92
Prepaid interest, second (7 days)$163.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$63,608Through Dec 2026
Assumption only · ends May 2051$195,972
Assumption + second · ends May 2051, second Jan 2057$376,153
New conventional · ends Jan 2057$689,385