Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,536/mo
Lowest payment- Down payment
- $270,450
- Funds due
- $282,403
- Interest + MI left
- $104,373
- First ends
- Dec 2050
Assumption
Assumption + second
$3,134/mo
+$1,598/mo- Down payment
- $47,450
- Funds due
- $60,747
- Interest + MI left
- $456,509
- First ends
- Dec 2050
New loan
New conventional
$3,426/mo
+$1,889/mo- Down payment
- $47,450
- Funds due
- $57,268
- Interest + MI left
- $640,826
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,550 | $199,550 | $422,550 |
| Second mortgage | — | $223,000 | — |
| First P&I | $957.18 | $957.18 | $2,925.65 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $163.52 | $163.52 | $84.51 |
| Taxes, insurance & HOA | $415.42 | $415.42 | $415.42 |
| Total housing payment | $1,536.12 | $3,133.72 | $3,425.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,450
Closing costs & prepaids$13,297
Usable credit−$0
Total buyer cash needed$60,747
Earnest money paid−$0
Remaining funds due$60,747
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$401.25
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$31.38
Prepaid interest, second (2 days)$94.70
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 30-year loan at 2.870%
Interest already paid$36,656Through Nov 2026
Assumption only · ends Dec 2050$104,373
Assumption + second · ends Dec 2050, second Dec 2056$456,509
New conventional · ends Dec 2056$640,826