Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$973/mo
Lowest payment- Down payment
- $317,590
- Funds due
- $328,339
- Interest + MI left
- $35,282
- First ends
- Jul 2042
Assumption
Assumption + second
$2,964/mo
+$1,992/mo- Down payment
- $39,590
- Funds due
- $51,648
- Interest + MI left
- $474,267
- First ends
- Jul 2042
New loan
New conventional
$2,871/mo
+$1,898/mo- Down payment
- $39,590
- Funds due
- $48,207
- Interest + MI left
- $539,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,410 | $77,410 | $355,410 |
| Second mortgage | — | $278,000 | — |
| First P&I | $551.32 | $551.32 | $2,460.79 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | $82.69 | $82.69 | $71.08 |
| Taxes, insurance & HOA | $338.75 | $338.75 | $338.75 |
| Total housing payment | $972.76 | $2,964.39 | $2,870.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,590
Closing costs & prepaids$12,059
Usable credit−$0
Total buyer cash needed$51,648
Earnest money paid−$0
Remaining funds due$51,648
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$284.25
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$8.29
Prepaid interest, second (1 days)$59.03
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 closing15 yr 8 moOf the original 30-year loan at 3.910%
Interest already paid$55,492Through Nov 2026
Assumption only · ends Jul 2042$35,282
Assumption + second · ends Jul 2042, second Dec 2056$474,267
New conventional · ends Dec 2056$539,003