Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,973/mo
Lowest payment- Down payment
- $246,884
- Funds due
- $259,414
- Interest + MI left
- $138,960
- First ends
- Oct 2050
Assumption
Assumption + second
$3,404/mo
+$1,431/mo- Down payment
- $51,884
- Funds due
- $65,707
- Interest + MI left
- $459,062
- First ends
- Oct 2050
New loan
New conventional
$3,761/mo
+$1,787/mo- Down payment
- $51,884
- Funds due
- $62,168
- Interest + MI left
- $702,347
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,116 | $268,116 | $463,116 |
| Second mortgage | — | $195,000 | — |
| First P&I | $1,290.92 | $1,290.92 | $3,206.52 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $220.82 | $220.82 | $92.62 |
| Taxes, insurance & HOA | $461.42 | $461.42 | $461.42 |
| Total housing payment | $1,973.16 | $3,404.00 | $3,760.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,884
Closing costs & prepaids$13,823
Usable credit−$0
Total buyer cash needed$65,707
Earnest money paid−$0
Remaining funds due$65,707
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$539.25
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$21.01
Prepaid interest, second (1 days)$42.74
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 closing23 yr 11 moOf the original 30-year loan at 2.860%
Interest already paid$50,605Through Nov 2026
Assumption only · ends Oct 2050$138,960
Assumption + second · ends Oct 2050, second Dec 2056$459,062
New conventional · ends Dec 2056$702,347