Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,750/mo
Lowest payment- Down payment
- $451,457
- Funds due
- $468,805
- Interest + MI left
- $155,066
- First ends
- Nov 2050
Assumption
Assumption + second
$5,451/mo
+$2,701/mo- Down payment
- $74,457
- Funds due
- $93,215
- Interest + MI left
- $750,381
- First ends
- Nov 2050
New loan
New conventional
$5,861/mo
+$3,111/mo- Down payment
- $74,457
- Funds due
- $89,485
- Interest + MI left
- $1,013,890
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,543 | $291,543 | $668,543 |
| Second mortgage | — | $377,000 | — |
| First P&I | $1,412.29 | $1,412.29 | $4,628.86 |
| Second P&I | — | $2,700.87 | — |
| Mortgage insurance | $239.11 | $239.11 | $133.71 |
| Taxes, insurance & HOA | $1,098.75 | $1,098.75 | $1,098.75 |
| Total housing payment | $2,750.15 | $5,451.02 | $5,861.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,457
Closing costs & prepaids$18,758
Usable credit−$0
Total buyer cash needed$93,215
Earnest money paid−$0
Remaining funds due$93,215
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,430.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,646.25
Prepaid interest, first (2 days)$46.97
Prepaid interest, second (2 days)$160.10
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$55,663Through Nov 2026
Assumption only · ends Nov 2050$155,066
Assumption + second · ends Nov 2050, second Dec 2056$750,381
New conventional · ends Dec 2056$1,013,890