Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,926/mo
Lowest payment- Down payment
- $232,845
- Funds due
- $244,943
- Interest + MI left
- $152,679
- First ends
- Nov 2050
Assumption
Assumption + second
$3,247/mo
+$1,321/mo- Down payment
- $52,845
- Funds due
- $66,233
- Interest + MI left
- $448,158
- First ends
- Nov 2050
New loan
New conventional
$3,628/mo
+$1,701/mo- Down payment
- $52,845
- Funds due
- $62,686
- Interest + MI left
- $708,227
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,055 | $287,055 | $467,055 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,390.54 | $1,390.54 | $3,233.79 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $235.43 | $235.43 | $93.41 |
| Taxes, insurance & HOA | $300.33 | $300.33 | $300.33 |
| Total housing payment | $1,926.31 | $3,247.08 | $3,627.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,845
Closing costs & prepaids$13,388
Usable credit−$0
Total buyer cash needed$66,233
Earnest money paid−$0
Remaining funds due$66,233
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.00
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)$401.00
Prepaid interest, first (1 days)$23.12
Prepaid interest, second (1 days)$39.45
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 yrOf the original 30-year loan at 2.940%
Interest already paid$54,806Through Nov 2026
Assumption only · ends Nov 2050$152,679
Assumption + second · ends Nov 2050, second Dec 2056$448,158
New conventional · ends Dec 2056$708,227