Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,135/mo
Lowest payment- Down payment
- $324,837
- Funds due
- $335,939
- Interest + MI left
- $40,785
- First ends
- Oct 2042
Assumption
Assumption + second
$3,156/mo
+$2,020/mo- Down payment
- $42,837
- Funds due
- $55,249
- Interest + MI left
- $486,086
- First ends
- Oct 2042
New loan
New conventional
$3,071/mo
+$1,936/mo- Down payment
- $42,837
- Funds due
- $51,779
- Interest + MI left
- $576,467
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,163 | $98,163 | $380,163 |
| Second mortgage | — | $282,000 | — |
| First P&I | $666.20 | $666.20 | $2,632.17 |
| Second P&I | — | $2,020.28 | — |
| Mortgage insurance | $106.41 | $106.41 | $76.03 |
| Taxes, insurance & HOA | $362.83 | $362.83 | $362.83 |
| Total housing payment | $1,135.44 | $3,155.72 | $3,071.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,837
Closing costs & prepaids$12,413
Usable credit−$0
Total buyer cash needed$55,249
Earnest money paid−$0
Remaining funds due$55,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,230.00
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)$533.50
Initial HOA (3 months)$105.00
Prepaid interest, first (1 days)$9.14
Prepaid interest, second (1 days)$59.88
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 11 moOf the original 30-year loan at 3.400%
Interest already paid$60,531Through Nov 2026
Assumption only · ends Oct 2042$40,785
Assumption + second · ends Oct 2042, second Dec 2056$486,086
New conventional · ends Dec 2056$576,467