Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,463/mo
Lowest payment- Down payment
- $207,063
- Funds due
- $217,809
- Interest + MI left
- $115,917
- First ends
- Nov 2050
Assumption
Assumption + second
$2,667/mo
+$1,203/mo- Down payment
- $43,063
- Funds due
- $55,131
- Interest + MI left
- $385,131
- First ends
- Nov 2050
New loan
New conventional
$2,950/mo
+$1,486/mo- Down payment
- $43,063
- Funds due
- $51,699
- Interest + MI left
- $579,157
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,937 | $217,937 | $381,937 |
| Second mortgage | — | $164,000 | — |
| First P&I | $1,055.73 | $1,055.73 | $2,644.45 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $178.74 | $178.74 | $76.39 |
| Taxes, insurance & HOA | $228.83 | $228.83 | $228.83 |
| Total housing payment | $1,463.30 | $2,666.68 | $2,949.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,063
Closing costs & prepaids$12,068
Usable credit−$0
Total buyer cash needed$55,131
Earnest money paid−$0
Remaining funds due$55,131
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)$236.50
Prepaid interest, first (2 days)$35.11
Prepaid interest, second (2 days)$71.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing24 yrOf the original 30-year loan at 2.940%
Interest already paid$41,610Through Nov 2026
Assumption only · ends Nov 2050$115,917
Assumption + second · ends Nov 2050, second Dec 2056$385,131
New conventional · ends Dec 2056$579,157