Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,204/mo
Lowest payment- Down payment
- $259,928
- Funds due
- $270,931
- Interest + MI left
- $83,309
- First ends
- May 2051
Assumption
Assumption + second
$2,758/mo
+$1,555/mo- Down payment
- $42,928
- Funds due
- $55,458
- Interest + MI left
- $425,970
- First ends
- May 2051
New loan
New conventional
$2,948/mo
+$1,744/mo- Down payment
- $42,928
- Funds due
- $52,073
- Interest + MI left
- $551,266
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,072 | $160,072 | $377,072 |
| Second mortgage | — | $217,000 | — |
| First P&I | $755.62 | $755.62 | $2,554.42 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $130.09 | $130.09 | $75.41 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $1,203.71 | $2,758.32 | $2,947.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,928
Closing costs & prepaids$12,529
Usable credit−$0
Total buyer cash needed$55,458
Earnest money paid−$0
Remaining funds due$55,458
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Prepaid interest, first (6 days)$73.94
Prepaid interest, second (6 days)$276.45
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 2.81%
Interest already paid$27,040Through Dec 2026
Assumption only · ends May 2051$83,309
Assumption + second · ends May 2051, second Jan 2057$425,970
New conventional · ends Jan 2057$551,266