Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$960/mo
Lowest payment- Down payment
- $310,171
- Funds due
- $320,917
- Interest + MI left
- $31,678
- First ends
- Feb 2042
Assumption
Assumption + second
$2,909/mo
+$1,949/mo- Down payment
- $38,171
- Funds due
- $50,224
- Interest + MI left
- $461,189
- First ends
- Feb 2042
New loan
New conventional
$2,804/mo
+$1,844/mo- Down payment
- $38,171
- Funds due
- $46,795
- Interest + MI left
- $510,741
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,819 | $64,819 | $336,819 |
| Second mortgage | — | $272,000 | — |
| First P&I | $486.85 | $486.85 | $2,332.07 |
| Second P&I | — | $1,948.64 | — |
| Mortgage insurance | $68.87 | $68.87 | $67.36 |
| Taxes, insurance & HOA | $404.17 | $404.17 | $404.17 |
| Total housing payment | $959.88 | $2,908.52 | $2,803.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,171
Closing costs & prepaids$12,053
Usable credit−$0
Total buyer cash needed$50,224
Earnest money paid−$0
Remaining funds due$50,224
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.90
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)$537.50
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$7.81
Prepaid interest, second (1 days)$57.75
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 closing15 yr 3 moOf the original 30-year loan at 4.400%
Interest already paid$53,769Through Nov 2026
Assumption only · ends Feb 2042$31,678
Assumption + second · ends Feb 2042, second Dec 2056$461,189
New conventional · ends Dec 2056$510,741