Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,032/mo
Lowest payment- Down payment
- $399,178
- Funds due
- $411,264
- Interest + MI left
- $23,292
- First ends
- Dec 2041
Assumption
Assumption + second
$3,569/mo
+$2,536/mo- Down payment
- $45,178
- Funds due
- $58,665
- Interest + MI left
- $582,287
- First ends
- Dec 2041
New loan
New conventional
$3,484/mo
+$2,451/mo- Down payment
- $45,178
- Funds due
- $55,165
- Interest + MI left
- $613,938
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,821 | $50,821 | $404,821 |
| Second mortgage | — | $354,000 | — |
| First P&I | $377.21 | $377.21 | $2,802.90 |
| Second P&I | — | $2,536.10 | — |
| Mortgage insurance | $55.23 | $55.23 | $80.96 |
| Taxes, insurance & HOA | $600.00 | $600.00 | $600.00 |
| Total housing payment | $1,032.44 | $3,568.54 | $3,483.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,178
Closing costs & prepaids$13,487
Usable credit−$0
Total buyer cash needed$58,665
Earnest money paid−$0
Remaining funds due$58,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.99
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)$1,125.00
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$11.45
Prepaid interest, second (2 days)$150.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 1 moOf the original 30-year loan at 4.110%
Interest already paid$40,370Through Nov 2026
Assumption only · ends Dec 2041$23,292
Assumption + second · ends Dec 2041, second Dec 2056$582,287
New conventional · ends Dec 2056$613,938