Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,144/mo
Lowest payment- Down payment
- $252,086
- Funds due
- $262,859
- Interest + MI left
- $76,829
- First ends
- Nov 2050
Assumption
Assumption + second
$2,663/mo
+$1,519/mo- Down payment
- $40,086
- Funds due
- $52,379
- Interest + MI left
- $411,595
- First ends
- Nov 2050
New loan
New conventional
$2,819/mo
+$1,675/mo- Down payment
- $40,086
- Funds due
- $49,014
- Interest + MI left
- $526,108
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,814 | $147,814 | $359,814 |
| Second mortgage | — | $212,000 | — |
| First P&I | $712.45 | $712.45 | $2,437.51 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | $121.71 | $121.71 | $71.96 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,144.16 | $2,662.96 | $2,819.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,086
Closing costs & prepaids$12,294
Usable credit−$0
Total buyer cash needed$52,379
Earnest money paid−$0
Remaining funds due$52,379
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Prepaid interest, first (6 days)$69.74
Prepaid interest, second (6 days)$270.08
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 2.87%
Interest already paid$27,993Through Dec 2026
Assumption only · ends Nov 2050$76,829
Assumption + second · ends Nov 2050, second Jan 2057$411,595
New conventional · ends Jan 2057$526,108