Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,417/mo
Lowest payment- Down payment
- $368,884
- Funds due
- $381,159
- Interest + MI left
- $53,644
- First ends
- Oct 2042
Assumption
Assumption + second
$3,703/mo
+$2,285/mo- Down payment
- $49,884
- Funds due
- $64,019
- Interest + MI left
- $557,371
- First ends
- Oct 2042
New loan
New conventional
$3,518/mo
+$2,101/mo- Down payment
- $49,884
- Funds due
- $60,539
- Interest + MI left
- $650,833
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,116 | $126,116 | $445,116 |
| Second mortgage | — | $319,000 | — |
| First P&I | $867.41 | $867.41 | $3,015.37 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | $136.32 | $136.32 | $89.02 |
| Taxes, insurance & HOA | $413.67 | $413.67 | $413.67 |
| Total housing payment | $1,417.39 | $3,702.75 | $3,518.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,884
Closing costs & prepaids$14,135
Usable credit−$0
Total buyer cash needed$64,019
Earnest money paid−$0
Remaining funds due$64,019
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Initial HOA (3 months)$147.00
Prepaid interest, first (9 days)$109.77
Prepaid interest, second (9 days)$609.60
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 10 moOf the original 30-year loan at 3.53%
Interest already paid$81,127Through Dec 2026
Assumption only · ends Oct 2042$53,644
Assumption + second · ends Oct 2042, second Jan 2057$557,371
New conventional · ends Jan 2057$650,833