Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,209/mo
Lowest payment- Down payment
- $307,409
- Funds due
- $318,475
- Interest + MI left
- $48,660
- First ends
- Jun 2043
Assumption
Assumption + second
$3,107/mo
+$1,898/mo- Down payment
- $42,409
- Funds due
- $54,781
- Interest + MI left
- $467,117
- First ends
- Jun 2043
New loan
New conventional
$3,031/mo
+$1,822/mo- Down payment
- $42,409
- Funds due
- $51,315
- Interest + MI left
- $564,985
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,591 | $107,591 | $372,591 |
| Second mortgage | — | $265,000 | — |
| First P&I | $720.41 | $720.41 | $2,579.74 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | $111.82 | $111.82 | $74.52 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,208.91 | $3,107.40 | $3,030.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,409
Closing costs & prepaids$12,372
Usable credit−$0
Total buyer cash needed$54,781
Earnest money paid−$0
Remaining funds due$54,781
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$618.75
Initial HOA (3 months)$61.26
Prepaid interest, first (1 days)$10.70
Prepaid interest, second (1 days)$56.27
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 7 moOf the original 30-year loan at 3.630%
Interest already paid$65,708Through Nov 2026
Assumption only · ends Jun 2043$48,660
Assumption + second · ends Jun 2043, second Dec 2056$467,117
New conventional · ends Dec 2056$564,985