Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,948/mo
Lowest payment- Down payment
- $420,929
- Funds due
- $434,639
- Interest + MI left
- $69,615
- First ends
- Feb 2042
Assumption
Assumption + second
$4,549/mo
+$2,601/mo- Down payment
- $57,929
- Funds due
- $72,966
- Interest + MI left
- $642,823
- First ends
- Feb 2042
New loan
New conventional
$4,339/mo
+$2,391/mo- Down payment
- $57,929
- Funds due
- $69,348
- Interest + MI left
- $784,021
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,971 | $153,971 | $516,971 |
| Second mortgage | — | $363,000 | — |
| First P&I | $1,124.51 | $1,124.51 | $3,579.40 |
| Second P&I | — | $2,600.58 | — |
| Mortgage insurance | $167.04 | $167.04 | $103.39 |
| Taxes, insurance & HOA | $656.42 | $656.42 | $656.42 |
| Total housing payment | $1,947.96 | $4,548.54 | $4,339.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,929
Closing costs & prepaids$15,037
Usable credit−$0
Total buyer cash needed$72,966
Earnest money paid−$0
Remaining funds due$72,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,749.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,124.25
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$16.83
Prepaid interest, second (1 days)$77.08
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 closing15 yr 3 moOf the original 30-year loan at 3.990%
Interest already paid$117,184Through Nov 2026
Assumption only · ends Feb 2042$69,615
Assumption + second · ends Feb 2042, second Dec 2056$642,823
New conventional · ends Dec 2056$784,021