Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,368/mo
Lowest payment- Down payment
- $388,138
- Funds due
- $400,443
- Interest + MI left
- $51,808
- First ends
- Aug 2042
Assumption
Assumption + second
$3,782/mo
+$2,414/mo- Down payment
- $51,138
- Funds due
- $64,765
- Interest + MI left
- $583,959
- First ends
- Aug 2042
New loan
New conventional
$3,656/mo
+$2,288/mo- Down payment
- $51,138
- Funds due
- $61,212
- Interest + MI left
- $688,221
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $116,862 | $116,862 | $453,862 |
| Second mortgage | — | $337,000 | — |
| First P&I | $819.72 | $819.72 | $3,142.45 |
| Second P&I | — | $2,414.31 | — |
| Mortgage insurance | $125.38 | $125.38 | $90.77 |
| Taxes, insurance & HOA | $422.83 | $422.83 | $422.83 |
| Total housing payment | $1,367.93 | $3,782.24 | $3,656.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,138
Closing costs & prepaids$13,627
Usable credit−$0
Total buyer cash needed$64,765
Earnest money paid−$0
Remaining funds due$64,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$540.50
Initial HOA (3 months)$228.00
Prepaid interest, first (1 days)$12.01
Prepaid interest, second (1 days)$71.55
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 9 moOf the original 30-year loan at 3.750%
Interest already paid$80,033Through Nov 2026
Assumption only · ends Aug 2042$51,808
Assumption + second · ends Aug 2042, second Dec 2056$583,959
New conventional · ends Dec 2056$688,221