Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,056/mo
Lowest payment- Down payment
- $249,600
- Funds due
- $262,334
- Interest + MI left
- $146,480
- First ends
- Nov 2050
Assumption
Assumption + second
$3,501/mo
+$1,446/mo- Down payment
- $52,600
- Funds due
- $66,627
- Interest + MI left
- $469,866
- First ends
- Nov 2050
New loan
New conventional
$3,861/mo
+$1,805/mo- Down payment
- $52,600
- Funds due
- $63,082
- Interest + MI left
- $716,426
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,400 | $275,400 | $472,400 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,334.09 | $1,334.09 | $3,270.80 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | $225.87 | $225.87 | $94.48 |
| Taxes, insurance & HOA | $495.58 | $495.58 | $495.58 |
| Total housing payment | $2,055.54 | $3,501.06 | $3,860.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,600
Closing costs & prepaids$14,027
Usable credit−$0
Total buyer cash needed$66,627
Earnest money paid−$0
Remaining funds due$66,627
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$581.75
Initial HOA (3 months)$405.00
Prepaid interest, first (1 days)$22.18
Prepaid interest, second (1 days)$43.18
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 yrOf the original 30-year loan at 2.940%
Interest already paid$52,581Through Nov 2026
Assumption only · ends Nov 2050$146,480
Assumption + second · ends Nov 2050, second Dec 2056$469,866
New conventional · ends Dec 2056$716,426