Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,246/mo
Lowest payment- Down payment
- $253,573
- Funds due
- $264,268
- Interest + MI left
- $42,566
- First ends
- Aug 2042
Assumption
Assumption + second
$2,808/mo
+$1,562/mo- Down payment
- $35,573
- Funds due
- $47,564
- Interest + MI left
- $386,806
- First ends
- Aug 2042
New loan
New conventional
$2,706/mo
+$1,460/mo- Down payment
- $35,573
- Funds due
- $44,166
- Interest + MI left
- $475,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $95,427 | $95,427 | $313,427 |
| Second mortgage | — | $218,000 | — |
| First P&I | $670.80 | $670.80 | $2,170.11 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | $102.22 | $102.22 | $62.69 |
| Taxes, insurance & HOA | $473.42 | $473.42 | $473.42 |
| Total housing payment | $1,246.44 | $2,808.22 | $2,706.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,573
Closing costs & prepaids$11,991
Usable credit−$0
Total buyer cash needed$47,564
Earnest money paid−$0
Remaining funds due$47,564
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$355.25
Initial HOA (3 months)$615.00
Prepaid interest, first (1 days)$9.88
Prepaid interest, second (1 days)$46.29
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 9 moOf the original 30-year loan at 3.780%
Interest already paid$65,820Through Nov 2026
Assumption only · ends Aug 2042$42,566
Assumption + second · ends Aug 2042, second Dec 2056$386,806
New conventional · ends Dec 2056$475,270