Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,034/mo
Lowest payment- Down payment
- $194,903
- Funds due
- $204,755
- Interest + MI left
- $80,423
- First ends
- May 2051
Assumption
Assumption + second
$2,208/mo
+$1,174/mo- Down payment
- $34,903
- Funds due
- $46,076
- Interest + MI left
- $343,072
- First ends
- May 2051
New loan
New conventional
$2,391/mo
+$1,357/mo- Down payment
- $34,903
- Funds due
- $42,706
- Interest + MI left
- $462,577
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,096 | $145,096 | $305,096 |
| Second mortgage | — | $160,000 | — |
| First P&I | $699.01 | $699.01 | $2,112.42 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $117.14 | $117.14 | $61.02 |
| Taxes, insurance & HOA | $217.83 | $217.83 | $217.83 |
| Total housing payment | $1,033.98 | $2,208.01 | $2,391.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,903
Closing costs & prepaids$11,173
Usable credit−$0
Total buyer cash needed$46,076
Earnest money paid−$0
Remaining funds due$46,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.99
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)$203.50
Prepaid interest, first (2 days)$24.01
Prepaid interest, second (2 days)$70.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 3.020%
Interest already paid$25,857Through Nov 2026
Assumption only · ends May 2051$80,423
Assumption + second · ends May 2051, second Dec 2056$343,072
New conventional · ends Dec 2056$462,577