Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,936/mo
Lowest payment- Down payment
- $140,303
- Funds due
- $151,426
- Interest + MI left
- $150,939
- First ends
- Nov 2050
Assumption
Assumption + second
$2,717/mo
+$780/mo- Down payment
- $43,303
- Funds due
- $55,819
- Interest + MI left
- $334,913
- First ends
- Nov 2050
New loan
New conventional
$2,982/mo
+$1,046/mo- Down payment
- $43,303
- Funds due
- $52,505
- Interest + MI left
- $558,028
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,697 | $284,697 | $381,697 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,382.43 | $1,382.43 | $2,585.75 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $234.05 | $234.05 | $76.34 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,936.49 | $2,716.97 | $2,982.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,303
Closing costs & prepaids$12,516
Usable credit−$0
Total buyer cash needed$55,819
Earnest money paid−$0
Remaining funds due$55,819
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 (6 days)$137.59
Prepaid interest, second (6 days)$143.51
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 2.94%
Interest already paid$55,185Through Dec 2026
Assumption only · ends Nov 2050$150,939
Assumption + second · ends Nov 2050, second Jan 2057$334,913
New conventional · ends Jan 2057$558,028