Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,949/mo
Lowest payment- Down payment
- $178,331
- Funds due
- $190,033
- Interest + MI left
- $134,877
- First ends
- Nov 2050
Assumption
Assumption + second
$2,939/mo
+$991/mo- Down payment
- $43,331
- Funds due
- $56,401
- Interest + MI left
- $356,486
- First ends
- Nov 2050
New loan
New conventional
$3,193/mo
+$1,244/mo- Down payment
- $43,331
- Funds due
- $53,019
- Interest + MI left
- $558,570
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,569 | $251,569 | $386,569 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,226.75 | $1,226.75 | $2,600.47 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $206.63 | $206.63 | $77.31 |
| Taxes, insurance & HOA | $515.42 | $515.42 | $515.42 |
| Total housing payment | $1,948.80 | $2,939.38 | $3,193.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,331
Closing costs & prepaids$13,071
Usable credit−$0
Total buyer cash needed$56,401
Earnest money paid−$0
Remaining funds due$56,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$1,096.25
Prepaid interest, first (4 days)$82.16
Prepaid interest, second (4 days)$118.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 2.98%
Interest already paid$49,404Through Dec 2026
Assumption only · ends Nov 2050$134,877
Assumption + second · ends Nov 2050, second Jan 2057$356,486
New conventional · ends Jan 2057$558,570