Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$835/mo
Lowest payment- Down payment
- $211,702
- Funds due
- $221,472
- Interest + MI left
- $52,848
- First ends
- Nov 2050
Assumption
Assumption + second
$2,155/mo
+$1,321/mo- Down payment
- $31,702
- Funds due
- $43,077
- Interest + MI left
- $348,328
- First ends
- Nov 2050
New loan
New conventional
$2,215/mo
+$1,380/mo- Down payment
- $31,702
- Funds due
- $39,775
- Interest + MI left
- $406,862
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,298 | $98,298 | $278,298 |
| Second mortgage | — | $180,000 | — |
| First P&I | $479.85 | $479.85 | $1,885.29 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $80.72 | $80.72 | $55.66 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $834.57 | $2,155.34 | $2,214.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,702
Closing costs & prepaids$11,375
Usable credit−$0
Total buyer cash needed$43,077
Earnest money paid−$0
Remaining funds due$43,077
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Prepaid interest, first (9 days)$72.47
Prepaid interest, second (9 days)$355.07
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$19,367Through Dec 2026
Assumption only · ends Nov 2050$52,848
Assumption + second · ends Nov 2050, second Jan 2057$348,328
New conventional · ends Jan 2057$406,862