Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,079/mo
Lowest payment- Down payment
- $401,678
- Funds due
- $415,155
- Interest + MI left
- $87,019
- First ends
- Sep 2042
Assumption
Assumption + second
$4,522/mo
+$2,443/mo- Down payment
- $60,678
- Funds due
- $75,550
- Interest + MI left
- $625,486
- First ends
- Sep 2042
New loan
New conventional
$4,329/mo
+$2,251/mo- Down payment
- $60,678
- Funds due
- $71,927
- Interest + MI left
- $817,659
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,222 | $198,222 | $539,222 |
| Second mortgage | — | $341,000 | — |
| First P&I | $1,378.12 | $1,378.12 | $3,733.46 |
| Second P&I | — | $2,442.97 | — |
| Mortgage insurance | $212.60 | $212.60 | $107.84 |
| Taxes, insurance & HOA | $487.83 | $487.83 | $487.83 |
| Total housing payment | $2,078.55 | $4,521.52 | $4,329.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,678
Closing costs & prepaids$14,872
Usable credit−$0
Total buyer cash needed$75,550
Earnest money paid−$0
Remaining funds due$75,550
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$833.50
Initial HOA (3 months)$129.99
Prepaid interest, first (2 days)$39.97
Prepaid interest, second (2 days)$144.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 3.680%
Interest already paid$132,358Through Nov 2026
Assumption only · ends Sep 2042$87,019
Assumption + second · ends Sep 2042, second Dec 2056$625,486
New conventional · ends Dec 2056$817,659