Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$693/mo
Lowest payment- Down payment
- $372,963
- Funds due
- $383,992
- Interest + MI left
- $22,340
- First ends
- Mar 2044
Assumption
Assumption + second
$3,064/mo
+$2,371/mo- Down payment
- $41,963
- Funds due
- $54,312
- Interest + MI left
- $545,017
- First ends
- Mar 2044
New loan
New conventional
$3,023/mo
+$2,331/mo- Down payment
- $41,963
- Funds due
- $50,843
- Interest + MI left
- $565,509
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,937 | $41,937 | $372,937 |
| Second mortgage | — | $331,000 | — |
| First P&I | $284.83 | $284.83 | $2,582.14 |
| Second P&I | — | $2,371.32 | — |
| Mortgage insurance | $41.11 | $41.11 | $74.59 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $692.60 | $3,063.93 | $3,023.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,963
Closing costs & prepaids$12,349
Usable credit−$0
Total buyer cash needed$54,312
Earnest money paid−$0
Remaining funds due$54,312
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$380.00
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$4.86
Prepaid interest, second (1 days)$70.28
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 closing17 yr 4 moOf the original 30-year loan at 4.230%
Interest already paid$27,194Through Nov 2026
Assumption only · ends Mar 2044$22,340
Assumption + second · ends Mar 2044, second Dec 2056$545,017
New conventional · ends Dec 2056$565,509