Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,967/mo
Lowest payment- Down payment
- $326,627
- Funds due
- $339,412
- Interest + MI left
- $70,423
- First ends
- Mar 2042
Assumption
Assumption + second
$3,952/mo
+$1,984/mo- Down payment
- $49,627
- Funds due
- $63,897
- Interest + MI left
- $507,829
- First ends
- Mar 2042
New loan
New conventional
$3,665/mo
+$1,697/mo- Down payment
- $49,627
- Funds due
- $60,392
- Interest + MI left
- $636,314
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,373 | $163,373 | $440,373 |
| Second mortgage | — | $277,000 | — |
| First P&I | $1,173.58 | $1,173.58 | $2,962.42 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | $179.50 | $179.50 | $88.07 |
| Taxes, insurance & HOA | $614.42 | $614.42 | $614.42 |
| Total housing payment | $1,967.49 | $3,951.95 | $3,664.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,627
Closing costs & prepaids$14,271
Usable credit−$0
Total buyer cash needed$63,897
Earnest money paid−$0
Remaining funds due$63,897
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$1,249.50
Initial HOA (3 months)$93.75
Prepaid interest, first (4 days)$67.14
Prepaid interest, second (4 days)$235.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3.75%
Interest already paid$117,687Through Dec 2026
Assumption only · ends Mar 2042$70,423
Assumption + second · ends Mar 2042, second Jan 2057$507,829
New conventional · ends Jan 2057$636,314