Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,146/mo
Lowest payment- Down payment
- $371,374
- Funds due
- $385,577
- Interest + MI left
- $152,492
- First ends
- Dec 2050
Assumption
Assumption + second
$4,338/mo
+$2,192/mo- Down payment
- $65,374
- Funds due
- $80,957
- Interest + MI left
- $635,692
- First ends
- Dec 2050
New loan
New conventional
$4,725/mo
+$2,580/mo- Down payment
- $65,374
- Funds due
- $77,314
- Interest + MI left
- $886,625
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,626 | $278,626 | $584,626 |
| Second mortgage | — | $306,000 | — |
| First P&I | $1,362.32 | $1,362.32 | $4,047.83 |
| Second P&I | — | $2,192.22 | — |
| Mortgage insurance | $222.72 | $222.72 | $116.93 |
| Taxes, insurance & HOA | $560.50 | $560.50 | $560.50 |
| Total housing payment | $2,145.54 | $4,337.77 | $4,725.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,374
Closing costs & prepaids$15,583
Usable credit−$0
Total buyer cash needed$80,957
Earnest money paid−$0
Remaining funds due$80,957
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$1,131.50
Initial HOA (3 months)$50.01
Prepaid interest, first (2 days)$46.56
Prepaid interest, second (2 days)$129.95
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 29-year loan at 3.050%
Interest already paid$44,579Through Nov 2026
Assumption only · ends Dec 2050$152,492
Assumption + second · ends Dec 2050, second Dec 2056$635,692
New conventional · ends Dec 2056$886,625