Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,425/mo
Lowest payment- Down payment
- $352,772
- Funds due
- $363,914
- Interest + MI left
- $21,232
- First ends
- Apr 2034
Assumption
Assumption + second
$3,646/mo
+$2,221/mo- Down payment
- $42,772
- Funds due
- $55,230
- Interest + MI left
- $510,748
- First ends
- Apr 2034
New loan
New conventional
$3,073/mo
+$1,648/mo- Down payment
- $42,772
- Funds due
- $51,752
- Interest + MI left
- $572,016
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $67,228 | $67,228 | $377,228 |
| Second mortgage | — | $310,000 | — |
| First P&I | $925.76 | $925.76 | $2,611.85 |
| Second P&I | — | $2,220.88 | — |
| Mortgage insurance | $113.85 | $113.85 | $75.45 |
| Taxes, insurance & HOA | $385.41 | $385.41 | $385.41 |
| Total housing payment | $1,425.02 | $3,645.90 | $3,072.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,772
Closing costs & prepaids$12,457
Usable credit−$0
Total buyer cash needed$55,230
Earnest money paid−$0
Remaining funds due$55,230
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)$673.75
Initial HOA (3 months)$32.49
Prepaid interest, first (1 days)$10.37
Prepaid interest, second (1 days)$65.82
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 closing7 yr 5 moOf the original 30-year loan at 5.630%
Interest already paid$157,379Through Nov 2026
Assumption only · ends Apr 2034$21,232
Assumption + second · ends Apr 2034, second Dec 2056$510,748
New conventional · ends Dec 2056$572,016