Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,088/mo
Lowest payment- Down payment
- $383,875
- Funds due
- $395,747
- Interest + MI left
- $38,834
- First ends
- Jul 2042
Assumption
Assumption + second
$3,495/mo
+$2,407/mo- Down payment
- $47,875
- Funds due
- $61,425
- Interest + MI left
- $569,406
- First ends
- Jul 2042
New loan
New conventional
$3,325/mo
+$2,237/mo- Down payment
- $47,875
- Funds due
- $57,911
- Interest + MI left
- $617,131
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,124 | $86,124 | $422,124 |
| Second mortgage | — | $336,000 | — |
| First P&I | $614.46 | $614.46 | $2,859.62 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | $92.50 | $92.50 | $84.42 |
| Taxes, insurance & HOA | $380.67 | $380.67 | $380.67 |
| Total housing payment | $1,087.63 | $3,494.77 | $3,324.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,875
Closing costs & prepaids$13,550
Usable credit−$0
Total buyer cash needed$61,425
Earnest money paid−$0
Remaining funds due$61,425
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.99
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)$78.00
Prepaid interest, first (6 days)$54.93
Prepaid interest, second (6 days)$428.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 3.88%
Interest already paid$61,835Through Dec 2026
Assumption only · ends Jul 2042$38,834
Assumption + second · ends Jul 2042, second Jan 2057$569,406
New conventional · ends Jan 2057$617,131