Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,487/mo
Lowest payment- Down payment
- $359,040
- Funds due
- $371,455
- Interest + MI left
- $53,722
- First ends
- Dec 2042
Assumption
Assumption + second
$3,708/mo
+$2,221/mo- Down payment
- $49,040
- Funds due
- $63,297
- Interest + MI left
- $543,238
- First ends
- Dec 2042
New loan
New conventional
$3,534/mo
+$2,048/mo- Down payment
- $49,040
- Funds due
- $59,827
- Interest + MI left
- $637,444
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,959 | $125,959 | $435,959 |
| Second mortgage | — | $310,000 | — |
| First P&I | $857.71 | $857.71 | $2,953.34 |
| Second P&I | — | $2,220.88 | — |
| Mortgage insurance | $135.30 | $135.30 | $87.19 |
| Taxes, insurance & HOA | $493.67 | $493.67 | $493.67 |
| Total housing payment | $1,486.68 | $3,707.55 | $3,534.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,040
Closing costs & prepaids$14,257
Usable credit−$0
Total buyer cash needed$63,297
Earnest money paid−$0
Remaining funds due$63,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,849.99
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)$582.00
Initial HOA (3 months)$399.00
Prepaid interest, first (9 days)$108.70
Prepaid interest, second (9 days)$592.40
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 closing16 yrOf the original 30-year loan at 3.5%
Interest already paid$79,046Through Dec 2026
Assumption only · ends Dec 2042$53,722
Assumption + second · ends Dec 2042, second Jan 2057$543,238
New conventional · ends Jan 2057$637,444