Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,214/mo
Lowest payment- Down payment
- $354,191
- Funds due
- $368,727
- Interest + MI left
- $126,365
- First ends
- Dec 2050
Assumption
Assumption + second
$4,320/mo
+$2,106/mo- Down payment
- $60,191
- Funds due
- $76,102
- Interest + MI left
- $590,616
- First ends
- Dec 2050
New loan
New conventional
$4,686/mo
+$2,472/mo- Down payment
- $60,191
- Funds due
- $72,506
- Interest + MI left
- $818,657
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,809 | $245,809 | $539,809 |
| Second mortgage | — | $294,000 | — |
| First P&I | $1,171.52 | $1,171.52 | $3,737.53 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | $201.70 | $201.70 | $107.96 |
| Taxes, insurance & HOA | $840.92 | $840.92 | $840.92 |
| Total housing payment | $2,214.14 | $4,320.39 | $4,686.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,191
Closing costs & prepaids$15,910
Usable credit−$0
Total buyer cash needed$76,102
Earnest money paid−$0
Remaining funds due$76,102
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$2,022.75
Prepaid interest, first (2 days)$37.85
Prepaid interest, second (2 days)$124.85
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 yr 1 moOf the original 30-year loan at 2.810%
Interest already paid$44,240Through Nov 2026
Assumption only · ends Dec 2050$126,365
Assumption + second · ends Dec 2050, second Dec 2056$590,616
New conventional · ends Dec 2056$818,657