Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,093/mo
Lowest payment- Down payment
- $320,076
- Funds due
- $331,008
- Interest + MI left
- $41,972
- First ends
- Jan 2043
Assumption
Assumption + second
$3,084/mo
+$1,992/mo- Down payment
- $42,076
- Funds due
- $54,317
- Interest + MI left
- $480,957
- First ends
- Jan 2043
New loan
New conventional
$3,008/mo
+$1,915/mo- Down payment
- $42,076
- Funds due
- $50,855
- Interest + MI left
- $573,147
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,924 | $99,924 | $377,924 |
| Second mortgage | — | $278,000 | — |
| First P&I | $669.75 | $669.75 | $2,616.67 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | $107.11 | $107.11 | $75.58 |
| Taxes, insurance & HOA | $315.92 | $315.92 | $315.92 |
| Total housing payment | $1,092.78 | $3,084.40 | $3,008.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,076
Closing costs & prepaids$12,241
Usable credit−$0
Total buyer cash needed$54,317
Earnest money paid−$0
Remaining funds due$54,317
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$429.75
Initial HOA (3 months)$68.01
Prepaid interest, first (1 days)$9.28
Prepaid interest, second (1 days)$59.03
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 closing16 yr 2 moOf the original 30-year loan at 3.390%
Interest already paid$59,892Through Nov 2026
Assumption only · ends Jan 2043$41,972
Assumption + second · ends Jan 2043, second Dec 2056$480,957
New conventional · ends Dec 2056$573,147