Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,554/mo
Lowest payment- Down payment
- $199,487
- Funds due
- $210,541
- Interest + MI left
- $115,968
- First ends
- Nov 2050
Assumption
Assumption + second
$2,706/mo
+$1,152/mo- Down payment
- $42,487
- Funds due
- $55,101
- Interest + MI left
- $373,692
- First ends
- Nov 2050
New loan
New conventional
$2,929/mo
+$1,375/mo- Down payment
- $42,487
- Funds due
- $51,821
- Interest + MI left
- $547,525
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,513 | $217,513 | $374,513 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,058.44 | $1,058.44 | $2,537.08 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $178.74 | $178.74 | $74.90 |
| Taxes, insurance & HOA | $316.83 | $316.83 | $316.83 |
| Total housing payment | $1,554.01 | $2,706.02 | $2,928.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,487
Closing costs & prepaids$12,614
Usable credit−$0
Total buyer cash needed$55,101
Earnest money paid−$0
Remaining funds due$55,101
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,170.00
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)$500.50
Prepaid interest, first (9 days)$158.75
Prepaid interest, second (9 days)$309.70
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 2.96%
Interest already paid$42,439Through Dec 2026
Assumption only · ends Nov 2050$115,968
Assumption + second · ends Nov 2050, second Jan 2057$373,692
New conventional · ends Jan 2057$547,525