Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,102/mo
Lowest payment- Down payment
- $311,829
- Funds due
- $325,278
- Interest + MI left
- $151,496
- First ends
- Nov 2050
Assumption
Assumption + second
$3,901/mo
+$1,798/mo- Down payment
- $60,829
- Funds due
- $75,635
- Interest + MI left
- $547,846
- First ends
- Nov 2050
New loan
New conventional
$4,317/mo
+$2,214/mo- Down payment
- $60,829
- Funds due
- $72,042
- Interest + MI left
- $817,430
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,071 | $288,071 | $539,071 |
| Second mortgage | — | $251,000 | — |
| First P&I | $1,389.55 | $1,389.55 | $3,732.42 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $236.47 | $236.47 | $107.81 |
| Taxes, insurance & HOA | $476.33 | $476.33 | $476.33 |
| Total housing payment | $2,102.35 | $3,900.55 | $4,316.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,829
Closing costs & prepaids$14,805
Usable credit−$0
Total buyer cash needed$75,635
Earnest money paid−$0
Remaining funds due$75,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$929.00
Prepaid interest, first (2 days)$45.78
Prepaid interest, second (2 days)$106.59
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 2.900%
Interest already paid$54,277Through Nov 2026
Assumption only · ends Nov 2050$151,496
Assumption + second · ends Nov 2050, second Dec 2056$547,846
New conventional · ends Dec 2056$817,430