Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,344/mo
Lowest payment- Down payment
- $228,220
- Funds due
- $241,472
- Interest + MI left
- $164,054
- First ends
- Nov 2050
Assumption
Assumption + second
$3,628/mo
+$1,284/mo- Down payment
- $53,220
- Funds due
- $67,914
- Interest + MI left
- $451,326
- First ends
- Nov 2050
New loan
New conventional
$3,942/mo
+$1,598/mo- Down payment
- $53,220
- Funds due
- $64,483
- Interest + MI left
- $697,131
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,780 | $301,780 | $476,780 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,479.38 | $1,479.38 | $3,229.87 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $247.60 | $247.60 | $95.36 |
| Taxes, insurance & HOA | $617.17 | $617.17 | $617.17 |
| Total housing payment | $2,344.15 | $3,628.24 | $3,942.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,220
Closing costs & prepaids$14,694
Usable credit−$0
Total buyer cash needed$67,914
Earnest money paid−$0
Remaining funds due$67,914
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$1,351.50
Prepaid interest, first (5 days)$125.26
Prepaid interest, second (5 days)$191.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.03%
Interest already paid$60,224Through Dec 2026
Assumption only · ends Nov 2050$164,054
Assumption + second · ends Nov 2050, second Jan 2057$451,326
New conventional · ends Jan 2057$697,131