Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,770/mo
Lowest payment- Down payment
- $272,882
- Funds due
- $285,298
- Interest + MI left
- $128,809
- First ends
- Nov 2050
Assumption
Assumption + second
$3,347/mo
+$1,576/mo- Down payment
- $52,882
- Funds due
- $66,829
- Interest + MI left
- $476,208
- First ends
- Nov 2050
New loan
New conventional
$3,633/mo
+$1,862/mo- Down payment
- $52,882
- Funds due
- $63,403
- Interest + MI left
- $682,909
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,117 | $247,117 | $467,117 |
| Second mortgage | — | $220,000 | — |
| First P&I | $1,192.34 | $1,192.34 | $3,164.41 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | $203.43 | $203.43 | $93.42 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $1,770.44 | $3,346.55 | $3,632.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,882
Closing costs & prepaids$13,946
Usable credit−$0
Total buyer cash needed$66,829
Earnest money paid−$0
Remaining funds due$66,829
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.99
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)$624.00
Prepaid interest, first (6 days)$116.99
Prepaid interest, second (6 days)$280.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.88%
Interest already paid$46,957Through Dec 2026
Assumption only · ends Nov 2050$128,809
Assumption + second · ends Nov 2050, second Jan 2057$476,208
New conventional · ends Jan 2057$682,909