Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$852/mo
Lowest payment- Down payment
- $344,177
- Funds due
- $355,213
- Interest + MI left
- $24,339
- First ends
- Aug 2042
Assumption
Assumption + second
$3,030/mo
+$2,178/mo- Down payment
- $40,177
- Funds due
- $53,044
- Interest + MI left
- $504,381
- First ends
- Aug 2042
New loan
New conventional
$2,909/mo
+$2,057/mo- Down payment
- $40,177
- Funds due
- $49,595
- Interest + MI left
- $524,659
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $54,823 | $54,823 | $358,823 |
| Second mortgage | — | $304,000 | — |
| First P&I | $386.87 | $386.87 | $2,430.79 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | $58.96 | $58.96 | $71.76 |
| Taxes, insurance & HOA | $406.58 | $406.58 | $406.58 |
| Total housing payment | $852.41 | $3,030.31 | $2,909.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,177
Closing costs & prepaids$12,867
Usable credit−$0
Total buyer cash needed$53,044
Earnest money paid−$0
Remaining funds due$53,044
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$51.10
Prepaid interest, second (9 days)$580.93
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 8 moOf the original 30-year loan at 3.78%
Interest already paid$38,134Through Dec 2026
Assumption only · ends Aug 2042$24,339
Assumption + second · ends Aug 2042, second Jan 2057$504,381
New conventional · ends Jan 2057$524,659