Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,853/mo
Lowest payment- Down payment
- $142,375
- Funds due
- $153,376
- Interest + MI left
- $141,297
- First ends
- Nov 2050
Assumption
Assumption + second
$2,587/mo
+$734/mo- Down payment
- $42,375
- Funds due
- $54,758
- Interest + MI left
- $305,452
- First ends
- Nov 2050
New loan
New conventional
$2,915/mo
+$1,062/mo- Down payment
- $42,375
- Funds due
- $51,464
- Interest + MI left
- $544,765
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,625 | $272,625 | $372,625 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,312.63 | $1,312.63 | $2,524.29 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $224.54 | $224.54 | $74.52 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $1,853.17 | $2,586.93 | $2,914.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,375
Closing costs & prepaids$12,383
Usable credit−$0
Total buyer cash needed$54,758
Earnest money paid−$0
Remaining funds due$54,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Prepaid interest, first (6 days)$128.17
Prepaid interest, second (6 days)$131.51
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 2.86%
Interest already paid$51,456Through Dec 2026
Assumption only · ends Nov 2050$141,297
Assumption + second · ends Nov 2050, second Jan 2057$305,452
New conventional · ends Jan 2057$544,765