Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,037/mo
Lowest payment- Down payment
- $392,448
- Funds due
- $405,780
- Interest + MI left
- $86,279
- First ends
- Sep 2042
Assumption
Assumption + second
$4,422/mo
+$2,386/mo- Down payment
- $59,448
- Funds due
- $74,454
- Interest + MI left
- $612,114
- First ends
- Sep 2042
New loan
New conventional
$4,146/mo
+$2,109/mo- Down payment
- $59,448
- Funds due
- $70,892
- Interest + MI left
- $775,609
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,452 | $197,452 | $530,452 |
| Second mortgage | — | $333,000 | — |
| First P&I | $1,378.12 | $1,378.12 | $3,593.47 |
| Second P&I | — | $2,385.65 | — |
| Mortgage insurance | $212.60 | $212.60 | $106.09 |
| Taxes, insurance & HOA | $446.00 | $446.00 | $446.00 |
| Total housing payment | $2,036.72 | $4,422.37 | $4,145.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,448
Closing costs & prepaids$15,006
Usable credit−$0
Total buyer cash needed$74,454
Earnest money paid−$0
Remaining funds due$74,454
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,899.00
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)$708.00
Initial HOA (3 months)$129.99
Prepaid interest, first (6 days)$119.44
Prepaid interest, second (6 days)$424.23
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 9 moOf the original 30-year loan at 3.68%
Interest already paid$132,966Through Dec 2026
Assumption only · ends Sep 2042$86,279
Assumption + second · ends Sep 2042, second Jan 2057$612,114
New conventional · ends Jan 2057$775,609