Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,533/mo
Lowest payment- Down payment
- $234,785
- Funds due
- $248,638
- Interest + MI left
- $167,716
- First ends
- Nov 2050
Assumption
Assumption + second
$3,861/mo
+$1,328/mo- Down payment
- $53,785
- Funds due
- $69,086
- Interest + MI left
- $464,837
- First ends
- Nov 2050
New loan
New conventional
$4,156/mo
+$1,623/mo- Down payment
- $53,785
- Funds due
- $65,645
- Interest + MI left
- $703,616
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,215 | $300,215 | $481,215 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,487.28 | $1,487.28 | $3,259.92 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $245.77 | $245.77 | $96.24 |
| Taxes, insurance & HOA | $799.75 | $799.75 | $799.75 |
| Total housing payment | $2,532.80 | $3,860.91 | $4,155.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,785
Closing costs & prepaids$15,301
Usable credit−$0
Total buyer cash needed$69,086
Earnest money paid−$0
Remaining funds due$69,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$1,899.25
Prepaid interest, first (5 days)$128.72
Prepaid interest, second (5 days)$198.36
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 3.13%
Interest already paid$61,817Through Dec 2026
Assumption only · ends Nov 2050$167,716
Assumption + second · ends Nov 2050, second Jan 2057$464,837
New conventional · ends Jan 2057$703,616