Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,036/mo
Lowest payment- Down payment
- $317,889
- Funds due
- $328,894
- Interest + MI left
- $34,979
- First ends
- Jul 2042
Assumption
Assumption + second
$3,028/mo
+$1,992/mo- Down payment
- $39,889
- Funds due
- $52,675
- Interest + MI left
- $473,964
- First ends
- Jul 2042
New loan
New conventional
$2,879/mo
+$1,843/mo- Down payment
- $39,889
- Funds due
- $49,250
- Interest + MI left
- $519,231
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,111 | $77,111 | $355,111 |
| Second mortgage | — | $278,000 | — |
| First P&I | $551.32 | $551.32 | $2,405.65 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | $82.69 | $82.69 | $71.02 |
| Taxes, insurance & HOA | $402.00 | $402.00 | $402.00 |
| Total housing payment | $1,036.01 | $3,027.64 | $2,878.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,889
Closing costs & prepaids$12,787
Usable credit−$0
Total buyer cash needed$52,675
Earnest money paid−$0
Remaining funds due$52,675
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)$474.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$74.34
Prepaid interest, second (9 days)$531.25
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 7 moOf the original 30-year loan at 3.91%
Interest already paid$55,744Through Dec 2026
Assumption only · ends Jul 2042$34,979
Assumption + second · ends Jul 2042, second Jan 2057$473,964
New conventional · ends Jan 2057$519,231