Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,167/mo
Lowest payment- Down payment
- $312,924
- Funds due
- $324,327
- Interest + MI left
- $32,295
- First ends
- Mar 2043
Assumption
Assumption + second
$3,122/mo
+$1,956/mo- Down payment
- $39,924
- Funds due
- $52,635
- Interest + MI left
- $463,385
- First ends
- Mar 2043
New loan
New conventional
$3,067/mo
+$1,901/mo- Down payment
- $39,924
- Funds due
- $49,191
- Interest + MI left
- $530,844
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,076 | $77,076 | $350,076 |
| Second mortgage | — | $273,000 | — |
| First P&I | $510.75 | $510.75 | $2,423.86 |
| Second P&I | — | $1,955.81 | — |
| Mortgage insurance | $82.19 | $82.19 | $70.02 |
| Taxes, insurance & HOA | $573.58 | $573.58 | $573.58 |
| Total housing payment | $1,166.52 | $3,122.33 | $3,067.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,924
Closing costs & prepaids$12,711
Usable credit−$0
Total buyer cash needed$52,635
Earnest money paid−$0
Remaining funds due$52,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$319.75
Initial HOA (3 months)$951.00
Prepaid interest, first (1 days)$7.05
Prepaid interest, second (1 days)$57.97
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 4 moOf the original 30-year loan at 3.340%
Interest already paid$44,802Through Nov 2026
Assumption only · ends Mar 2043$32,295
Assumption + second · ends Mar 2043, second Dec 2056$463,385
New conventional · ends Dec 2056$530,844