Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$977/mo
Lowest payment- Down payment
- $331,218
- Funds due
- $342,213
- Interest + MI left
- $34,614
- First ends
- Mar 2043
Assumption
Assumption + second
$3,047/mo
+$2,070/mo- Down payment
- $42,218
- Funds due
- $55,015
- Interest + MI left
- $490,970
- First ends
- Mar 2043
New loan
New conventional
$2,930/mo
+$1,953/mo- Down payment
- $42,218
- Funds due
- $51,581
- Interest + MI left
- $543,532
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,782 | $82,782 | $371,782 |
| Second mortgage | — | $289,000 | — |
| First P&I | $551.09 | $551.09 | $2,518.58 |
| Second P&I | — | $2,070.43 | — |
| Mortgage insurance | $88.57 | $88.57 | $74.36 |
| Taxes, insurance & HOA | $337.25 | $337.25 | $337.25 |
| Total housing payment | $976.91 | $3,047.34 | $2,930.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,218
Closing costs & prepaids$12,797
Usable credit−$0
Total buyer cash needed$55,015
Earnest money paid−$0
Remaining funds due$55,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,140.00
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)$496.75
Initial HOA (3 months)$65.01
Prepaid interest, first (9 days)$68.38
Prepaid interest, second (9 days)$552.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 3.35%
Interest already paid$48,668Through Dec 2026
Assumption only · ends Mar 2043$34,614
Assumption + second · ends Mar 2043, second Jan 2057$490,970
New conventional · ends Jan 2057$543,532