Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,495/mo
Lowest payment- Down payment
- $299,761
- Funds due
- $311,978
- Interest + MI left
- $104,954
- First ends
- Dec 2050
Assumption
Assumption + second
$3,279/mo
+$1,784/mo- Down payment
- $50,761
- Funds due
- $64,704
- Interest + MI left
- $498,146
- First ends
- Dec 2050
New loan
New conventional
$3,499/mo
+$2,004/mo- Down payment
- $50,761
- Funds due
- $61,323
- Interest + MI left
- $656,626
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,139 | $200,139 | $449,139 |
| Second mortgage | — | $249,000 | — |
| First P&I | $964.37 | $964.37 | $3,042.62 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | $164.33 | $164.33 | $89.83 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,495.36 | $3,279.23 | $3,499.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,761
Closing costs & prepaids$13,942
Usable credit−$0
Total buyer cash needed$64,704
Earnest money paid−$0
Remaining funds due$64,704
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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 (9 days)$142.62
Prepaid interest, second (9 days)$475.83
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 yrOf the original 30-year loan at 2.89%
Interest already paid$37,584Through Dec 2026
Assumption only · ends Dec 2050$104,954
Assumption + second · ends Dec 2050, second Jan 2057$498,146
New conventional · ends Jan 2057$656,626