Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,579/mo
Lowest payment- Down payment
- $310,359
- Funds due
- $322,821
- Interest + MI left
- $36,298
- First ends
- Jul 2042
Assumption
Assumption + second
$3,520/mo
+$1,941/mo- Down payment
- $39,359
- Funds due
- $53,129
- Interest + MI left
- $464,230
- First ends
- Jul 2042
New loan
New conventional
$3,424/mo
+$1,846/mo- Down payment
- $39,359
- Funds due
- $49,690
- Interest + MI left
- $531,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,641 | $79,641 | $350,641 |
| Second mortgage | — | $271,000 | — |
| First P&I | $567.20 | $567.20 | $2,427.77 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | $85.08 | $85.08 | $70.13 |
| Taxes, insurance & HOA | $926.33 | $926.33 | $926.33 |
| Total housing payment | $1,578.61 | $3,520.09 | $3,424.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,359
Closing costs & prepaids$13,770
Usable credit−$0
Total buyer cash needed$53,129
Earnest money paid−$0
Remaining funds due$53,129
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$589.00
Initial HOA (3 months)$1,740.00
Prepaid interest, first (1 days)$8.53
Prepaid interest, second (1 days)$57.54
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$57,091Through Nov 2026
Assumption only · ends Jul 2042$36,298
Assumption + second · ends Jul 2042, second Dec 2056$464,230
New conventional · ends Dec 2056$531,771