Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,815/mo
Lowest payment- Down payment
- $344,481
- Funds due
- $357,782
- Interest + MI left
- $132,463
- First ends
- May 2051
Assumption
Assumption + second
$3,849/mo
+$2,035/mo- Down payment
- $60,481
- Funds due
- $75,394
- Interest + MI left
- $580,923
- First ends
- May 2051
New loan
New conventional
$4,162/mo
+$2,348/mo- Down payment
- $60,481
- Funds due
- $71,896
- Interest + MI left
- $787,404
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,519 | $254,519 | $538,519 |
| Second mortgage | — | $284,000 | — |
| First P&I | $1,201.46 | $1,201.46 | $3,648.12 |
| Second P&I | — | $2,034.61 | — |
| Mortgage insurance | $206.85 | $206.85 | $107.70 |
| Taxes, insurance & HOA | $406.25 | $406.25 | $406.25 |
| Total housing payment | $1,814.55 | $3,849.16 | $4,162.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,481
Closing costs & prepaids$14,913
Usable credit−$0
Total buyer cash needed$75,394
Earnest money paid−$0
Remaining funds due$75,394
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$718.75
Prepaid interest, first (6 days)$117.57
Prepaid interest, second (6 days)$361.81
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$42,995Through Dec 2026
Assumption only · ends May 2051$132,463
Assumption + second · ends May 2051, second Jan 2057$580,923
New conventional · ends Jan 2057$787,404