Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$732/mo
Lowest payment- Down payment
- $373,100
- Funds due
- $384,285
- Interest + MI left
- $22,167
- First ends
- Mar 2044
Assumption
Assumption + second
$3,103/mo
+$2,371/mo- Down payment
- $42,100
- Funds due
- $55,168
- Interest + MI left
- $544,844
- First ends
- Mar 2044
New loan
New conventional
$3,006/mo
+$2,274/mo- Down payment
- $42,100
- Funds due
- $51,681
- Interest + MI left
- $545,095
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,800 | $41,800 | $372,800 |
| Second mortgage | — | $331,000 | — |
| First P&I | $284.83 | $284.83 | $2,525.48 |
| Second P&I | — | $2,371.32 | — |
| Mortgage insurance | $41.11 | $41.11 | $74.56 |
| Taxes, insurance & HOA | $406.00 | $406.00 | $406.00 |
| Total housing payment | $731.94 | $3,103.26 | $3,006.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,100
Closing costs & prepaids$13,068
Usable credit−$0
Total buyer cash needed$55,168
Earnest money paid−$0
Remaining funds due$55,168
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
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)$498.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$43.60
Prepaid interest, second (9 days)$632.53
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 closing17 yr 3 moOf the original 30-year loan at 4.23%
Interest already paid$27,342Through Dec 2026
Assumption only · ends Mar 2044$22,167
Assumption + second · ends Mar 2044, second Jan 2057$544,844
New conventional · ends Jan 2057$545,095