Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,057/mo
Lowest payment- Down payment
- $341,381
- Funds due
- $353,103
- Interest + MI left
- $28,545
- First ends
- Mar 2045
Assumption
Assumption + second
$3,213/mo
+$2,156/mo- Down payment
- $40,381
- Funds due
- $53,481
- Interest + MI left
- $503,850
- First ends
- Mar 2045
New loan
New conventional
$3,188/mo
+$2,132/mo- Down payment
- $40,381
- Funds due
- $50,032
- Interest + MI left
- $537,733
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $53,619 | $53,619 | $354,619 |
| Second mortgage | — | $301,000 | — |
| First P&I | $343.47 | $343.47 | $2,455.31 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | $51.15 | $51.15 | $70.92 |
| Taxes, insurance & HOA | $662.00 | $662.00 | $662.00 |
| Total housing payment | $1,056.61 | $3,213.01 | $3,188.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,381
Closing costs & prepaids$13,100
Usable credit−$0
Total buyer cash needed$53,481
Earnest money paid−$0
Remaining funds due$53,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$1,473.50
Initial HOA (3 months)$62.49
Prepaid interest, first (2 days)$11.66
Prepaid interest, second (2 days)$127.82
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 closing18 yr 4 moOf the original 30-year loan at 3.970%
Interest already paid$29,500Through Nov 2026
Assumption only · ends Mar 2045$28,545
Assumption + second · ends Mar 2045, second Dec 2056$503,850
New conventional · ends Dec 2056$537,733