Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,214/mo
Lowest payment- Down payment
- $212,752
- Funds due
- $222,977
- Interest + MI left
- $95,351
- First ends
- Nov 2049
Assumption
Assumption + second
$2,498/mo
+$1,284/mo- Down payment
- $37,752
- Funds due
- $49,265
- Interest + MI left
- $382,623
- First ends
- Nov 2049
New loan
New conventional
$2,611/mo
+$1,397/mo- Down payment
- $37,752
- Funds due
- $45,852
- Interest + MI left
- $503,507
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,048 | $157,048 | $332,048 |
| Second mortgage | — | $175,000 | — |
| First P&I | $837.54 | $837.54 | $2,299.03 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $130.49 | $130.49 | $66.41 |
| Taxes, insurance & HOA | $245.67 | $245.67 | $245.67 |
| Total housing payment | $1,213.69 | $2,497.78 | $2,611.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,752
Closing costs & prepaids$11,514
Usable credit−$0
Total buyer cash needed$49,265
Earnest money paid−$0
Remaining funds due$49,265
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,698.00
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)$287.00
Prepaid interest, first (1 days)$15.49
Prepaid interest, second (1 days)$38.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yrOf the original 30-year loan at 3.600%
Interest already paid$43,184Through Nov 2026
Assumption only · ends Nov 2049$95,351
Assumption + second · ends Nov 2049, second Dec 2056$382,623
New conventional · ends Dec 2056$503,507