Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,007/mo
Lowest payment- Down payment
- $326,934
- Funds due
- $337,966
- Interest + MI left
- $32,842
- First ends
- Mar 2042
Assumption
Assumption + second
$3,056/mo
+$2,049/mo- Down payment
- $40,934
- Funds due
- $53,762
- Interest + MI left
- $484,460
- First ends
- Mar 2042
New loan
New conventional
$2,899/mo
+$1,892/mo- Down payment
- $40,934
- Funds due
- $50,320
- Interest + MI left
- $524,942
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,066 | $73,066 | $359,066 |
| Second mortgage | — | $286,000 | — |
| First P&I | $532.52 | $532.52 | $2,432.44 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | $79.39 | $79.39 | $71.81 |
| Taxes, insurance & HOA | $395.00 | $395.00 | $395.00 |
| Total housing payment | $1,006.92 | $3,055.86 | $2,899.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,934
Closing costs & prepaids$12,828
Usable credit−$0
Total buyer cash needed$53,762
Earnest money paid−$0
Remaining funds due$53,762
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$71.34
Prepaid interest, second (9 days)$546.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 3.96%
Interest already paid$55,239Through Dec 2026
Assumption only · ends Mar 2042$32,842
Assumption + second · ends Mar 2042, second Jan 2057$484,460
New conventional · ends Jan 2057$524,942