Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,361/mo
Lowest payment- Down payment
- $165,298
- Funds due
- $177,285
- Interest + MI left
- $248,926
- First ends
- Nov 2051
Assumption
Assumption + second
$3,204/mo
+$844/mo- Down payment
- $50,298
- Funds due
- $63,585
- Interest + MI left
- $437,704
- First ends
- Nov 2051
New loan
New conventional
$3,512/mo
+$1,151/mo- Down payment
- $50,298
- Funds due
- $60,088
- Interest + MI left
- $680,487
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,702 | $333,702 | $448,702 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,784.51 | $1,784.51 | $3,106.72 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $260.81 | $260.81 | $89.74 |
| Taxes, insurance & HOA | $315.33 | $315.33 | $315.33 |
| Total housing payment | $2,360.66 | $3,204.49 | $3,511.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,298
Closing costs & prepaids$13,287
Usable credit−$0
Total buyer cash needed$63,585
Earnest money paid−$0
Remaining funds due$63,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$446.00
Prepaid interest, first (2 days)$75.43
Prepaid interest, second (2 days)$50.41
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 closing25 yrOf the original 30-year loan at 4.125%
Interest already paid$72,566Through Nov 2026
Assumption only · ends Nov 2051$248,926
Assumption + second · ends Nov 2051, second Dec 2056$437,704
New conventional · ends Dec 2056$680,487