Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,518/mo
Lowest payment- Down payment
- $103,996
- Funds due
- $116,061
- Interest + MI left
- $203,497
- First ends
- Nov 2050
Assumption
Assumption + second
$2,961/mo
+$443/mo- Down payment
- $48,996
- Funds due
- $62,393
- Interest + MI left
- $307,813
- First ends
- Nov 2050
New loan
New conventional
$3,383/mo
+$865/mo- Down payment
- $48,996
- Funds due
- $59,097
- Interest + MI left
- $633,768
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,504 | $378,504 | $433,504 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,847.68 | $1,847.68 | $2,936.71 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $310.83 | $310.83 | $86.70 |
| Taxes, insurance & HOA | $359.67 | $359.67 | $359.67 |
| Total housing payment | $2,518.18 | $2,960.72 | $3,383.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,996
Closing costs & prepaids$13,396
Usable credit−$0
Total buyer cash needed$62,393
Earnest money paid−$0
Remaining funds due$62,393
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,825.00
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)$579.00
Prepaid interest, first (6 days)$186.04
Prepaid interest, second (6 days)$81.37
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 2.99%
Interest already paid$74,573Through Dec 2026
Assumption only · ends Nov 2050$203,497
Assumption + second · ends Nov 2050, second Jan 2057$307,813
New conventional · ends Jan 2057$633,768