Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,698/mo
Lowest payment- Down payment
- $428,754
- Funds due
- $442,144
- Interest + MI left
- $65,829
- First ends
- Nov 2042
Assumption
Assumption + second
$4,349/mo
+$2,651/mo- Down payment
- $58,754
- Funds due
- $74,101
- Interest + MI left
- $650,090
- First ends
- Nov 2042
New loan
New conventional
$4,128/mo
+$2,430/mo- Down payment
- $58,754
- Funds due
- $70,544
- Interest + MI left
- $762,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,146 | $151,146 | $521,146 |
| Second mortgage | — | $370,000 | — |
| First P&I | $1,042.25 | $1,042.25 | $3,530.42 |
| Second P&I | — | $2,650.73 | — |
| Mortgage insurance | $161.98 | $161.98 | $104.23 |
| Taxes, insurance & HOA | $493.67 | $493.67 | $493.67 |
| Total housing payment | $1,697.90 | $4,348.63 | $4,128.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,754
Closing costs & prepaids$15,347
Usable credit−$0
Total buyer cash needed$74,101
Earnest money paid−$0
Remaining funds due$74,101
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,799.00
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)$696.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$134.91
Prepaid interest, second (9 days)$707.05
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 11 moOf the original 30-year loan at 3.62%
Interest already paid$98,607Through Dec 2026
Assumption only · ends Nov 2042$65,829
Assumption + second · ends Nov 2042, second Jan 2057$650,090
New conventional · ends Jan 2057$762,002