Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,253/mo
Lowest payment- Down payment
- $202,661
- Funds due
- $215,414
- Interest + MI left
- $155,923
- First ends
- Dec 2050
Assumption
Assumption + second
$3,376/mo
+$1,123/mo- Down payment
- $49,661
- Funds due
- $63,698
- Interest + MI left
- $407,081
- First ends
- Dec 2050
New loan
New conventional
$3,774/mo
+$1,520/mo- Down payment
- $49,661
- Funds due
- $60,185
- Interest + MI left
- $675,235
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,239 | $292,239 | $445,239 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,412.29 | $1,412.29 | $3,082.74 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $239.11 | $239.11 | $89.05 |
| Taxes, insurance & HOA | $602.00 | $602.00 | $602.00 |
| Total housing payment | $2,253.40 | $3,376.06 | $3,773.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,661
Closing costs & prepaids$14,037
Usable credit−$0
Total buyer cash needed$63,698
Earnest money paid−$0
Remaining funds due$63,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,949.00
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)$1,180.00
Initial HOA (3 months)$126.00
Prepaid interest, first (1 days)$23.54
Prepaid interest, second (1 days)$33.53
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 2.940%
Interest already paid$54,947Through Nov 2026
Assumption only · ends Dec 2050$155,923
Assumption + second · ends Dec 2050, second Dec 2056$407,081
New conventional · ends Dec 2056$675,235