Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,512/mo
Lowest payment- Down payment
- $215,996
- Funds due
- $227,135
- Interest + MI left
- $112,368
- First ends
- Nov 2050
Assumption
Assumption + second
$2,781/mo
+$1,269/mo- Down payment
- $42,996
- Funds due
- $55,727
- Interest + MI left
- $396,357
- First ends
- Nov 2050
New loan
New conventional
$2,984/mo
+$1,472/mo- Down payment
- $42,996
- Funds due
- $52,427
- Interest + MI left
- $558,553
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,004 | $209,004 | $382,004 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,020.26 | $1,020.26 | $2,587.83 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $171.63 | $171.63 | $76.40 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,511.89 | $2,781.31 | $2,984.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,996
Closing costs & prepaids$12,730
Usable credit−$0
Total buyer cash needed$55,727
Earnest money paid−$0
Remaining funds due$55,727
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$154.09
Prepaid interest, second (9 days)$341.26
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 2.99%
Interest already paid$41,178Through Dec 2026
Assumption only · ends Nov 2050$112,368
Assumption + second · ends Nov 2050, second Jan 2057$396,357
New conventional · ends Jan 2057$558,553