Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,203/mo
Lowest payment- Down payment
- $192,677
- Funds due
- $205,076
- Interest + MI left
- $170,887
- First ends
- Nov 2050
Assumption
Assumption + second
$3,237/mo
+$1,035/mo- Down payment
- $51,677
- Funds due
- $65,511
- Interest + MI left
- $402,346
- First ends
- Nov 2050
New loan
New conventional
$3,604/mo
+$1,401/mo- Down payment
- $51,677
- Funds due
- $62,150
- Interest + MI left
- $677,455
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $322,323 | $322,323 | $463,323 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,565.14 | $1,565.14 | $3,138.71 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $264.99 | $264.99 | $92.66 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $2,202.79 | $3,237.40 | $3,604.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,677
Closing costs & prepaids$13,834
Usable credit−$0
Total buyer cash needed$65,511
Earnest money paid−$0
Remaining funds due$65,511
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Prepaid interest, first (6 days)$155.77
Prepaid interest, second (6 days)$185.42
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$62,479Through Dec 2026
Assumption only · ends Nov 2050$170,887
Assumption + second · ends Nov 2050, second Jan 2057$402,346
New conventional · ends Jan 2057$677,455