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
- $207,585
- Funds due
- $218,727
- Interest + MI left
- $115,268
- First ends
- Nov 2050
Assumption
Assumption + second
$2,765/mo
+$1,211/mo- Down payment
- $42,585
- Funds due
- $55,303
- Interest + MI left
- $386,124
- First ends
- Nov 2050
New loan
New conventional
$2,987/mo
+$1,433/mo- Down payment
- $42,585
- Funds due
- $52,021
- Interest + MI left
- $559,154
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,415 | $217,415 | $382,415 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,055.73 | $1,055.73 | $2,590.61 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $178.74 | $178.74 | $76.48 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,554.47 | $2,765.18 | $2,987.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,585
Closing costs & prepaids$12,718
Usable credit−$0
Total buyer cash needed$55,303
Earnest money paid−$0
Remaining funds due$55,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$157.61
Prepaid interest, second (9 days)$325.48
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 2.94%
Interest already paid$42,144Through Dec 2026
Assumption only · ends Nov 2050$115,268
Assumption + second · ends Nov 2050, second Jan 2057$386,124
New conventional · ends Jan 2057$559,154