Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,600/mo
Lowest payment- Down payment
- $200,970
- Funds due
- $214,348
- Interest + MI left
- $187,247
- First ends
- Dec 2050
Assumption
Assumption + second
$3,664/mo
+$1,064/mo- Down payment
- $55,970
- Funds due
- $70,629
- Interest + MI left
- $425,272
- First ends
- Dec 2050
New loan
New conventional
$4,144/mo
+$1,544/mo- Down payment
- $55,970
- Funds due
- $67,060
- Interest + MI left
- $749,055
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,980 | $348,980 | $493,980 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,690.09 | $1,690.09 | $3,420.22 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $285.41 | $285.41 | $98.80 |
| Taxes, insurance & HOA | $625.00 | $625.00 | $625.00 |
| Total housing payment | $2,600.50 | $3,664.46 | $4,144.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,970
Closing costs & prepaids$14,660
Usable credit−$0
Total buyer cash needed$70,629
Earnest money paid−$0
Remaining funds due$70,629
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.50
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)$1,375.00
Prepaid interest, first (1 days)$28.30
Prepaid interest, second (1 days)$31.78
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 closing24 yr 1 moOf the original 30-year loan at 2.960%
Interest already paid$66,046Through Nov 2026
Assumption only · ends Dec 2050$187,247
Assumption + second · ends Dec 2050, second Dec 2056$425,272
New conventional · ends Dec 2056$749,055