Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,278/mo
Lowest payment- Down payment
- $361,665
- Funds due
- $373,546
- Interest + MI left
- $46,951
- First ends
- Dec 2041
Assumption
Assumption + second
$3,534/mo
+$2,257/mo- Down payment
- $46,665
- Funds due
- $60,197
- Interest + MI left
- $544,363
- First ends
- Dec 2041
New loan
New conventional
$3,313/mo
+$2,036/mo- Down payment
- $46,665
- Funds due
- $56,704
- Interest + MI left
- $611,675
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,335 | $103,335 | $418,335 |
| Second mortgage | — | $315,000 | — |
| First P&I | $769.03 | $769.03 | $2,833.95 |
| Second P&I | — | $2,256.70 | — |
| Mortgage insurance | $112.87 | $112.87 | $83.67 |
| Taxes, insurance & HOA | $395.67 | $395.67 | $395.67 |
| Total housing payment | $1,277.56 | $3,534.26 | $3,313.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,665
Closing costs & prepaids$13,533
Usable credit−$0
Total buyer cash needed$60,197
Earnest money paid−$0
Remaining funds due$60,197
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$129.00
Prepaid interest, first (6 days)$69.48
Prepaid interest, second (6 days)$401.30
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 yrOf the original 30-year loan at 4.09%
Interest already paid$82,416Through Dec 2026
Assumption only · ends Dec 2041$46,951
Assumption + second · ends Dec 2041, second Jan 2057$544,363
New conventional · ends Jan 2057$611,675