Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,051/mo
Lowest payment- Down payment
- $191,389
- Funds due
- $203,599
- Interest + MI left
- $153,622
- First ends
- May 2051
Assumption
Assumption + second
$3,086/mo
+$1,035/mo- Down payment
- $50,389
- Funds due
- $64,035
- Interest + MI left
- $385,081
- First ends
- May 2051
New loan
New conventional
$3,502/mo
+$1,451/mo- Down payment
- $50,389
- Funds due
- $60,691
- Interest + MI left
- $657,406
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,611 | $308,611 | $449,611 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,433.22 | $1,433.22 | $3,045.82 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $251.60 | $251.60 | $89.92 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,051.49 | $3,086.09 | $3,502.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,389
Closing costs & prepaids$13,645
Usable credit−$0
Total buyer cash needed$64,035
Earnest money paid−$0
Remaining funds due$64,035
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (6 days)$134.94
Prepaid interest, second (6 days)$185.42
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 2.66%
Interest already paid$49,431Through Dec 2026
Assumption only · ends May 2051$153,622
Assumption + second · ends May 2051, second Jan 2057$385,081
New conventional · ends Jan 2057$657,406