Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$787/mo
Lowest payment- Down payment
- $343,964
- Funds due
- $354,759
- Interest + MI left
- $24,549
- First ends
- Aug 2042
Assumption
Assumption + second
$2,965/mo
+$2,178/mo- Down payment
- $39,964
- Funds due
- $52,074
- Interest + MI left
- $504,591
- First ends
- Aug 2042
New loan
New conventional
$2,899/mo
+$2,112/mo- Down payment
- $39,964
- Funds due
- $48,627
- Interest + MI left
- $544,502
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $55,036 | $55,036 | $359,036 |
| Second mortgage | — | $304,000 | — |
| First P&I | $386.87 | $386.87 | $2,485.89 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | $58.96 | $58.96 | $71.81 |
| Taxes, insurance & HOA | $341.50 | $341.50 | $341.50 |
| Total housing payment | $787.33 | $2,965.22 | $2,899.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,964
Closing costs & prepaids$12,110
Usable credit−$0
Total buyer cash needed$52,074
Earnest money paid−$0
Remaining funds due$52,074
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$283.50
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$5.70
Prepaid interest, second (1 days)$64.55
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$37,961Through Nov 2026
Assumption only · ends Aug 2042$24,549
Assumption + second · ends Aug 2042, second Dec 2056$504,591
New conventional · ends Dec 2056$544,502