Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,864/mo
Lowest payment- Down payment
- $374,979
- Funds due
- $388,022
- Interest + MI left
- $73,497
- First ends
- Mar 2043
Assumption
Assumption + second
$4,150/mo
+$2,285/mo- Down payment
- $55,979
- Funds due
- $70,340
- Interest + MI left
- $577,225
- First ends
- Mar 2043
New loan
New conventional
$4,036/mo
+$2,172/mo- Down payment
- $55,979
- Funds due
- $66,746
- Interest + MI left
- $749,117
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,021 | $175,021 | $494,021 |
| Second mortgage | — | $319,000 | — |
| First P&I | $1,160.65 | $1,160.65 | $3,420.50 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | $186.54 | $186.54 | $98.80 |
| Taxes, insurance & HOA | $517.17 | $517.17 | $517.17 |
| Total housing payment | $1,864.36 | $4,149.71 | $4,036.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,979
Closing costs & prepaids$14,360
Usable credit−$0
Total buyer cash needed$70,340
Earnest money paid−$0
Remaining funds due$70,340
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$679.50
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$16.06
Prepaid interest, second (1 days)$67.73
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 closing16 yr 4 moOf the original 30-year loan at 3.350%
Interest already paid$102,010Through Nov 2026
Assumption only · ends Mar 2043$73,497
Assumption + second · ends Mar 2043, second Dec 2056$577,225
New conventional · ends Dec 2056$749,117