Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,649/mo
Lowest payment- Down payment
- $264,926
- Funds due
- $277,084
- Interest + MI left
- $110,507
- First ends
- Dec 2050
Assumption
Assumption + second
$3,203/mo
+$1,555/mo- Down payment
- $47,926
- Funds due
- $61,426
- Interest + MI left
- $453,168
- First ends
- Dec 2050
New loan
New conventional
$3,509/mo
+$1,861/mo- Down payment
- $47,926
- Funds due
- $57,945
- Interest + MI left
- $647,686
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,074 | $210,074 | $427,074 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,009.81 | $1,009.81 | $2,956.97 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $172.07 | $172.07 | $85.41 |
| Taxes, insurance & HOA | $466.67 | $466.67 | $466.67 |
| Total housing payment | $1,648.55 | $3,203.16 | $3,509.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,926
Closing costs & prepaids$13,500
Usable credit−$0
Total buyer cash needed$61,426
Earnest money paid−$0
Remaining funds due$61,426
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$900.00
Prepaid interest, first (2 days)$33.27
Prepaid interest, second (2 days)$92.15
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 2.890%
Interest already paid$38,849Through Nov 2026
Assumption only · ends Dec 2050$110,507
Assumption + second · ends Dec 2050, second Dec 2056$453,168
New conventional · ends Dec 2056$647,686