Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$883/mo
Lowest payment- Down payment
- $327,380
- Funds due
- $338,096
- Interest + MI left
- $31,102
- First ends
- Jun 2042
Assumption
Assumption + second
$2,939/mo
+$2,056/mo- Down payment
- $40,380
- Funds due
- $52,468
- Interest + MI left
- $484,300
- First ends
- Jun 2042
New loan
New conventional
$2,851/mo
+$1,968/mo- Down payment
- $40,380
- Funds due
- $49,021
- Interest + MI left
- $537,734
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $67,620 | $67,620 | $354,620 |
| Second mortgage | — | $287,000 | — |
| First P&I | $485.84 | $485.84 | $2,455.32 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | $72.26 | $72.26 | $70.92 |
| Taxes, insurance & HOA | $325.25 | $325.25 | $325.25 |
| Total housing payment | $883.34 | $2,939.45 | $2,851.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,380
Closing costs & prepaids$12,087
Usable credit−$0
Total buyer cash needed$52,468
Earnest money paid−$0
Remaining funds due$52,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$390.75
Initial HOA (3 months)$135.00
Prepaid interest, first (2 days)$14.75
Prepaid interest, second (2 days)$121.88
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 7 moOf the original 30-year loan at 3.980%
Interest already paid$49,659Through Nov 2026
Assumption only · ends Jun 2042$31,102
Assumption + second · ends Jun 2042, second Dec 2056$484,300
New conventional · ends Dec 2056$537,734