Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,181/mo
Lowest payment- Down payment
- $398,741
- Funds due
- $410,992
- Interest + MI left
- $42,190
- First ends
- Apr 2043
Assumption
Assumption + second
$3,681/mo
+$2,500/mo- Down payment
- $49,741
- Funds due
- $63,390
- Interest + MI left
- $593,291
- First ends
- Apr 2043
New loan
New conventional
$3,607/mo
+$2,426/mo- Down payment
- $49,741
- Funds due
- $59,857
- Interest + MI left
- $675,114
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,159 | $96,159 | $445,159 |
| Second mortgage | — | $349,000 | — |
| First P&I | $643.83 | $643.83 | $3,082.19 |
| Second P&I | — | $2,500.28 | — |
| Mortgage insurance | $101.18 | $101.18 | $89.03 |
| Taxes, insurance & HOA | $436.17 | $436.17 | $436.17 |
| Total housing payment | $1,181.18 | $3,681.46 | $3,607.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,741
Closing costs & prepaids$13,649
Usable credit−$0
Total buyer cash needed$63,390
Earnest money paid−$0
Remaining funds due$63,390
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,949.00
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)$595.50
Initial HOA (3 months)$213.00
Prepaid interest, first (2 days)$18.60
Prepaid interest, second (2 days)$148.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 3.530%
Interest already paid$58,259Through Nov 2026
Assumption only · ends Apr 2043$42,190
Assumption + second · ends Apr 2043, second Dec 2056$593,291
New conventional · ends Dec 2056$675,114