Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,001/mo
Lowest payment- Down payment
- $233,533
- Funds due
- $246,038
- Interest + MI left
- $151,824
- First ends
- Nov 2050
Assumption
Assumption + second
$3,329/mo
+$1,328/mo- Down payment
- $52,533
- Funds due
- $66,645
- Interest + MI left
- $448,945
- First ends
- Nov 2050
New loan
New conventional
$3,634/mo
+$1,634/mo- Down payment
- $52,533
- Funds due
- $63,333
- Interest + MI left
- $683,368
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,367 | $286,367 | $467,367 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,390.54 | $1,390.54 | $3,166.11 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $235.43 | $235.43 | $93.47 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $2,000.64 | $3,328.75 | $3,634.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,533
Closing costs & prepaids$14,113
Usable credit−$0
Total buyer cash needed$66,645
Earnest money paid−$0
Remaining funds due$66,645
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.00
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)$624.00
Prepaid interest, first (9 days)$207.60
Prepaid interest, second (9 days)$357.04
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 closing23 yr 11 moOf the original 30-year loan at 2.94%
Interest already paid$55,509Through Dec 2026
Assumption only · ends Nov 2050$151,824
Assumption + second · ends Nov 2050, second Jan 2057$448,945
New conventional · ends Jan 2057$683,368