Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,060/mo
Lowest payment- Down payment
- $343,419
- Funds due
- $354,679
- Interest + MI left
- $38,155
- First ends
- May 2043
Assumption
Assumption + second
$3,210/mo
+$2,149/mo- Down payment
- $43,419
- Funds due
- $55,993
- Interest + MI left
- $511,880
- First ends
- May 2043
New loan
New conventional
$3,146/mo
+$2,086/mo- Down payment
- $43,419
- Funds due
- $52,515
- Interest + MI left
- $586,199
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,581 | $86,581 | $386,581 |
| Second mortgage | — | $300,000 | — |
| First P&I | $577.54 | $577.54 | $2,676.61 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | $90.76 | $90.76 | $77.32 |
| Taxes, insurance & HOA | $392.17 | $392.17 | $392.17 |
| Total housing payment | $1,060.47 | $3,209.71 | $3,146.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,419
Closing costs & prepaids$12,574
Usable credit−$0
Total buyer cash needed$55,993
Earnest money paid−$0
Remaining funds due$55,993
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$537.50
Initial HOA (3 months)$189.00
Prepaid interest, first (1 days)$8.37
Prepaid interest, second (1 days)$63.70
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 6 moOf the original 30-year loan at 3.530%
Interest already paid$52,005Through Nov 2026
Assumption only · ends May 2043$38,155
Assumption + second · ends May 2043, second Dec 2056$511,880
New conventional · ends Dec 2056$586,199