Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,460/mo
Lowest payment- Down payment
- $299,280
- Funds due
- $311,264
- Interest + MI left
- $105,534
- First ends
- Dec 2050
Assumption
Assumption + second
$3,244/mo
+$1,784/mo- Down payment
- $50,280
- Funds due
- $63,567
- Interest + MI left
- $498,726
- First ends
- Dec 2050
New loan
New conventional
$3,534/mo
+$2,074/mo- Down payment
- $50,280
- Funds due
- $60,037
- Interest + MI left
- $681,879
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,620 | $200,620 | $449,620 |
| Second mortgage | — | $249,000 | — |
| First P&I | $964.37 | $964.37 | $3,113.08 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | $164.33 | $164.33 | $89.92 |
| Taxes, insurance & HOA | $331.42 | $331.42 | $331.42 |
| Total housing payment | $1,460.11 | $3,243.98 | $3,534.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,280
Closing costs & prepaids$13,287
Usable credit−$0
Total buyer cash needed$63,567
Earnest money paid−$0
Remaining funds due$63,567
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$494.25
Prepaid interest, first (1 days)$15.88
Prepaid interest, second (1 days)$52.87
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 closing24 yr 1 moOf the original 30-year loan at 2.890%
Interest already paid$37,100Through Nov 2026
Assumption only · ends Dec 2050$105,534
Assumption + second · ends Dec 2050, second Dec 2056$498,726
New conventional · ends Dec 2056$681,879