Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,018/mo
Lowest payment- Down payment
- $337,469
- Funds due
- $348,632
- Interest + MI left
- $34,669
- First ends
- Jan 2043
Assumption
Assumption + second
$3,131/mo
+$2,113/mo- Down payment
- $42,469
- Funds due
- $55,446
- Interest + MI left
- $500,499
- First ends
- Jan 2043
New loan
New conventional
$3,006/mo
+$1,988/mo- Down payment
- $42,469
- Funds due
- $52,007
- Interest + MI left
- $552,013
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,531 | $82,531 | $377,531 |
| Second mortgage | — | $295,000 | — |
| First P&I | $556.14 | $556.14 | $2,557.53 |
| Second P&I | — | $2,113.42 | — |
| Mortgage insurance | $88.72 | $88.72 | $75.51 |
| Taxes, insurance & HOA | $373.00 | $373.00 | $373.00 |
| Total housing payment | $1,017.86 | $3,131.27 | $3,006.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,469
Closing costs & prepaids$12,977
Usable credit−$0
Total buyer cash needed$55,446
Earnest money paid−$0
Remaining funds due$55,446
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$69.39
Prepaid interest, second (9 days)$563.73
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 1 moOf the original 30-year loan at 3.41%
Interest already paid$50,160Through Dec 2026
Assumption only · ends Jan 2043$34,669
Assumption + second · ends Jan 2043, second Jan 2057$500,499
New conventional · ends Jan 2057$552,013