Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,002/mo
Lowest payment- Down payment
- $352,148
- Funds due
- $363,360
- Interest + MI left
- $34,954
- First ends
- Jan 2043
Assumption
Assumption + second
$3,208/mo
+$2,207/mo- Down payment
- $44,148
- Funds due
- $56,741
- Interest + MI left
- $521,312
- First ends
- Jan 2043
New loan
New conventional
$3,141/mo
+$2,139/mo- Down payment
- $44,148
- Funds due
- $53,261
- Interest + MI left
- $592,675
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,852 | $82,852 | $390,852 |
| Second mortgage | — | $308,000 | — |
| First P&I | $556.14 | $556.14 | $2,706.18 |
| Second P&I | — | $2,206.55 | — |
| Mortgage insurance | $88.72 | $88.72 | $78.17 |
| Taxes, insurance & HOA | $357.00 | $357.00 | $357.00 |
| Total housing payment | $1,001.86 | $3,208.41 | $3,141.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,148
Closing costs & prepaids$12,592
Usable credit−$0
Total buyer cash needed$56,741
Earnest money paid−$0
Remaining funds due$56,741
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$456.00
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$15.48
Prepaid interest, second (2 days)$130.79
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 2 moOf the original 30-year loan at 3.410%
Interest already paid$49,924Through Nov 2026
Assumption only · ends Jan 2043$34,954
Assumption + second · ends Jan 2043, second Dec 2056$521,312
New conventional · ends Dec 2056$592,675