Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,167/mo
Lowest payment- Down payment
- $347,824
- Funds due
- $359,583
- Interest + MI left
- $32,295
- First ends
- Mar 2043
Assumption
Assumption + second
$3,352/mo
+$2,185/mo- Down payment
- $42,824
- Funds due
- $55,963
- Interest + MI left
- $513,915
- First ends
- Mar 2043
New loan
New conventional
$3,295/mo
+$2,129/mo- Down payment
- $42,824
- Funds due
- $52,495
- Interest + MI left
- $579,444
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,076 | $77,076 | $382,076 |
| Second mortgage | — | $305,000 | — |
| First P&I | $510.75 | $510.75 | $2,645.42 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | $82.19 | $82.19 | $76.42 |
| Taxes, insurance & HOA | $573.58 | $573.58 | $573.58 |
| Total housing payment | $1,166.52 | $3,351.58 | $3,295.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,824
Closing costs & prepaids$13,138
Usable credit−$0
Total buyer cash needed$55,963
Earnest money paid−$0
Remaining funds due$55,963
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
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)$319.75
Initial HOA (3 months)$951.00
Prepaid interest, first (2 days)$14.11
Prepaid interest, second (2 days)$129.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 3.340%
Interest already paid$44,802Through Nov 2026
Assumption only · ends Mar 2043$32,295
Assumption + second · ends Mar 2043, second Dec 2056$513,915
New conventional · ends Dec 2056$579,444