Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,858/mo
Lowest payment- Down payment
- $375,651
- Funds due
- $388,802
- Interest + MI left
- $72,902
- First ends
- Mar 2043
Assumption
Assumption + second
$4,150/mo
+$2,293/mo- Down payment
- $55,651
- Funds due
- $70,664
- Interest + MI left
- $578,209
- First ends
- Mar 2043
New loan
New conventional
$3,958/mo
+$2,101/mo- Down payment
- $55,651
- Funds due
- $67,177
- Interest + MI left
- $722,820
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,349 | $174,349 | $494,349 |
| Second mortgage | — | $320,000 | — |
| First P&I | $1,160.65 | $1,160.65 | $3,348.89 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | $186.54 | $186.54 | $98.87 |
| Taxes, insurance & HOA | $510.67 | $510.67 | $510.67 |
| Total housing payment | $1,857.86 | $4,150.38 | $3,958.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,651
Closing costs & prepaids$15,013
Usable credit−$0
Total buyer cash needed$70,664
Earnest money paid−$0
Remaining funds due$70,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$144.02
Prepaid interest, second (9 days)$611.51
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 yr 3 moOf the original 30-year loan at 3.35%
Interest already paid$102,499Through Dec 2026
Assumption only · ends Mar 2043$72,902
Assumption + second · ends Mar 2043, second Jan 2057$578,209
New conventional · ends Jan 2057$722,820