Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,366/mo
Lowest payment- Down payment
- $357,125
- Funds due
- $369,159
- Interest + MI left
- $50,978
- First ends
- Apr 2042
Assumption
Assumption + second
$3,587/mo
+$2,221/mo- Down payment
- $47,125
- Funds due
- $60,870
- Interest + MI left
- $540,494
- First ends
- Apr 2042
New loan
New conventional
$3,374/mo
+$2,008/mo- Down payment
- $47,125
- Funds due
- $57,385
- Interest + MI left
- $618,313
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,875 | $112,875 | $422,875 |
| Second mortgage | — | $310,000 | — |
| First P&I | $819.41 | $819.41 | $2,864.70 |
| Second P&I | — | $2,220.88 | — |
| Mortgage insurance | $122.16 | $122.16 | $84.58 |
| Taxes, insurance & HOA | $424.67 | $424.67 | $424.67 |
| Total housing payment | $1,366.24 | $3,587.12 | $3,373.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,125
Closing costs & prepaids$13,745
Usable credit−$0
Total buyer cash needed$60,870
Earnest money paid−$0
Remaining funds due$60,870
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Initial HOA (3 months)$210.00
Prepaid interest, first (7 days)$85.72
Prepaid interest, second (7 days)$460.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4 moOf the original 30-year loan at 3.96%
Interest already paid$84,625Through Dec 2026
Assumption only · ends Apr 2042$50,978
Assumption + second · ends Apr 2042, second Jan 2057$540,494
New conventional · ends Jan 2057$618,313