Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,031/mo
Lowest payment- Down payment
- $48,906
- Funds due
- $57,381
- Interest + MI left
- $74,264
- First ends
- May 2051
Assumption
Assumption + second
$1,264/mo
+$233/mo- Down payment
- $19,906
- Funds due
- $29,674
- Interest + MI left
- $129,267
- First ends
- May 2051
New loan
New conventional
$1,449/mo
+$419/mo- Down payment
- $19,906
- Funds due
- $26,523
- Interest + MI left
- $255,981
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,094 | $146,094 | $175,094 |
| Second mortgage | — | $29,000 | — |
| First P&I | $683.67 | $683.67 | $1,186.15 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $118.93 | $118.93 | $35.02 |
| Taxes, insurance & HOA | $228.00 | $228.00 | $228.00 |
| Total housing payment | $1,030.60 | $1,263.94 | $1,449.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,906
Closing costs & prepaids$9,767
Usable credit−$0
Total buyer cash needed$29,674
Earnest money paid−$0
Remaining funds due$29,674
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,950.00
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)$234.00
Prepaid interest, first (6 days)$65.56
Prepaid interest, second (6 days)$42.90
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$23,997Through Dec 2026
Assumption only · ends May 2051$74,264
Assumption + second · ends May 2051, second Jan 2057$129,267
New conventional · ends Jan 2057$255,981