Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,325/mo
Lowest payment- Down payment
- $360,819
- Funds due
- $372,998
- Interest + MI left
- $50,539
- First ends
- Aug 2043
Assumption
Assumption + second
$3,568/mo
+$2,242/mo- Down payment
- $47,819
- Funds due
- $61,846
- Interest + MI left
- $544,793
- First ends
- Aug 2043
New loan
New conventional
$3,431/mo
+$2,105/mo- Down payment
- $47,819
- Funds due
- $58,377
- Interest + MI left
- $624,609
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,181 | $114,181 | $427,181 |
| Second mortgage | — | $313,000 | — |
| First P&I | $754.89 | $754.89 | $2,893.87 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | $118.93 | $118.93 | $85.44 |
| Taxes, insurance & HOA | $451.67 | $451.67 | $451.67 |
| Total housing payment | $1,325.49 | $3,567.86 | $3,430.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,819
Closing costs & prepaids$14,027
Usable credit−$0
Total buyer cash needed$61,846
Earnest money paid−$0
Remaining funds due$61,846
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$98.82
Prepaid interest, second (9 days)$598.13
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 8 moOf the original 30-year loan at 3.51%
Interest already paid$67,061Through Dec 2026
Assumption only · ends Aug 2043$50,539
Assumption + second · ends Aug 2043, second Jan 2057$544,793
New conventional · ends Jan 2057$624,609