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
- $360,400
- Funds due
- $372,613
- Interest + MI left
- $50,948
- First ends
- Aug 2043
Assumption
Assumption + second
$3,601/mo
+$2,235/mo- Down payment
- $48,400
- Funds due
- $61,929
- Interest + MI left
- $543,622
- First ends
- Aug 2043
New loan
New conventional
$3,531/mo
+$2,165/mo- Down payment
- $48,400
- Funds due
- $58,405
- Interest + MI left
- $646,882
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,600 | $114,600 | $426,600 |
| Second mortgage | — | $312,000 | — |
| First P&I | $754.89 | $754.89 | $2,953.69 |
| Second P&I | — | $2,235.21 | — |
| Mortgage insurance | $118.93 | $118.93 | $85.32 |
| Taxes, insurance & HOA | $492.42 | $492.42 | $492.42 |
| Total housing payment | $1,366.24 | $3,601.45 | $3,531.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,400
Closing costs & prepaids$13,530
Usable credit−$0
Total buyer cash needed$61,929
Earnest money paid−$0
Remaining funds due$61,929
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$692.25
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$11.02
Prepaid interest, second (1 days)$66.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 3.510%
Interest already paid$66,726Through Nov 2026
Assumption only · ends Aug 2043$50,948
Assumption + second · ends Aug 2043, second Dec 2056$543,622
New conventional · ends Dec 2056$646,882