Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,030/mo
Lowest payment- Down payment
- $282,658
- Funds due
- $293,047
- Interest + MI left
- $41,313
- First ends
- Aug 2042
Assumption
Assumption + second
$2,785/mo
+$1,755/mo- Down payment
- $37,658
- Funds due
- $49,401
- Interest + MI left
- $428,189
- First ends
- Aug 2042
New loan
New conventional
$2,684/mo
+$1,654/mo- Down payment
- $37,658
- Funds due
- $45,988
- Interest + MI left
- $511,450
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,242 | $92,242 | $337,242 |
| Second mortgage | — | $245,000 | — |
| First P&I | $649.33 | $649.33 | $2,335.00 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | $98.71 | $98.71 | $67.45 |
| Taxes, insurance & HOA | $281.92 | $281.92 | $281.92 |
| Total housing payment | $1,029.96 | $2,785.17 | $2,684.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,658
Closing costs & prepaids$11,743
Usable credit−$0
Total buyer cash needed$49,401
Earnest money paid−$0
Remaining funds due$49,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$285.75
Initial HOA (3 months)$110.01
Prepaid interest, first (2 days)$19.21
Prepaid interest, second (2 days)$104.04
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 closing15 yr 9 moOf the original 30-year loan at 3.800%
Interest already paid$63,923Through Nov 2026
Assumption only · ends Aug 2042$41,313
Assumption + second · ends Aug 2042, second Dec 2056$428,189
New conventional · ends Dec 2056$511,450