Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,883/mo
Lowest payment- Down payment
- $111,031
- Funds due
- $120,944
- Interest + MI left
- $249,294
- First ends
- May 2051
Assumption
Assumption + second
$2,502/mo
+$620/mo- Down payment
- $34,031
- Funds due
- $45,232
- Interest + MI left
- $395,336
- First ends
- May 2051
New loan
New conventional
$2,398/mo
+$515/mo- Down payment
- $34,031
- Funds due
- $41,846
- Interest + MI left
- $463,871
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,869 | $228,869 | $305,869 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,557.99 | $1,557.99 | $2,117.78 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $105.76 | $105.76 | $61.17 |
| Taxes, insurance & HOA | $219.08 | $219.08 | $219.08 |
| Total housing payment | $1,882.83 | $2,502.39 | $2,398.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,031
Closing costs & prepaids$11,201
Usable credit−$0
Total buyer cash needed$45,232
Earnest money paid−$0
Remaining funds due$45,232
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$207.25
Prepaid interest, first (2 days)$81.51
Prepaid interest, second (2 days)$37.97
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 25-year loan at 6.500%
Interest already paid$7,474Through Nov 2026
Assumption only · ends May 2051$249,294
Assumption + second · ends May 2051, second Dec 2056$395,336
New conventional · ends Dec 2056$463,871