Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,722/mo
Lowest payment- Down payment
- $274,006
- Funds due
- $286,392
- Interest + MI left
- $115,658
- First ends
- Dec 2050
Assumption
Assumption + second
$3,327/mo
+$1,605/mo- Down payment
- $50,006
- Funds due
- $63,690
- Interest + MI left
- $469,373
- First ends
- Dec 2050
New loan
New conventional
$3,649/mo
+$1,927/mo- Down payment
- $50,006
- Funds due
- $60,165
- Interest + MI left
- $674,016
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,494 | $220,494 | $444,494 |
| Second mortgage | — | $224,000 | — |
| First P&I | $1,058.77 | $1,058.77 | $3,077.59 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $180.64 | $180.64 | $88.90 |
| Taxes, insurance & HOA | $482.83 | $482.83 | $482.83 |
| Total housing payment | $1,722.25 | $3,327.01 | $3,649.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,006
Closing costs & prepaids$13,683
Usable credit−$0
Total buyer cash needed$63,690
Earnest money paid−$0
Remaining funds due$63,690
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,945.00
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)$603.50
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$17.40
Prepaid interest, second (1 days)$47.56
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 2.880%
Interest already paid$40,639Through Nov 2026
Assumption only · ends Dec 2050$115,658
Assumption + second · ends Dec 2050, second Dec 2056$469,373
New conventional · ends Dec 2056$674,016