Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,356/mo
Lowest payment- Down payment
- $382,389
- Funds due
- $394,523
- Interest + MI left
- $54,101
- First ends
- Oct 2042
Assumption
Assumption + second
$3,728/mo
+$2,371/mo- Down payment
- $51,389
- Funds due
- $64,844
- Interest + MI left
- $576,778
- First ends
- Oct 2042
New loan
New conventional
$3,612/mo
+$2,256/mo- Down payment
- $51,389
- Funds due
- $61,290
- Interest + MI left
- $693,998
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,611 | $126,611 | $457,611 |
| Second mortgage | — | $331,000 | — |
| First P&I | $867.41 | $867.41 | $3,168.41 |
| Second P&I | — | $2,371.32 | — |
| Mortgage insurance | $136.32 | $136.32 | $91.52 |
| Taxes, insurance & HOA | $352.50 | $352.50 | $352.50 |
| Total housing payment | $1,356.23 | $3,727.55 | $3,612.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,389
Closing costs & prepaids$13,455
Usable credit−$0
Total buyer cash needed$64,844
Earnest money paid−$0
Remaining funds due$64,844
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,090.00
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)$410.50
Initial HOA (3 months)$147.00
Prepaid interest, first (1 days)$12.24
Prepaid interest, second (1 days)$70.28
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 11 moOf the original 30-year loan at 3.530%
Interest already paid$80,754Through Nov 2026
Assumption only · ends Oct 2042$54,101
Assumption + second · ends Oct 2042, second Dec 2056$576,778
New conventional · ends Dec 2056$693,998