Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$642/mo
Lowest payment- Down payment
- $377,146
- Funds due
- $388,088
- Interest + MI left
- $18,364
- First ends
- May 2043
Assumption
Assumption + second
$3,042/mo
+$2,400/mo- Down payment
- $42,146
- Funds due
- $54,765
- Interest + MI left
- $547,357
- First ends
- May 2043
New loan
New conventional
$2,946/mo
+$2,304/mo- Down payment
- $42,146
- Funds due
- $51,287
- Interest + MI left
- $551,023
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,854 | $41,854 | $376,854 |
| Second mortgage | — | $335,000 | — |
| First P&I | $280.23 | $280.23 | $2,552.94 |
| Second P&I | — | $2,399.98 | — |
| Mortgage insurance | $44.04 | $44.04 | $75.37 |
| Taxes, insurance & HOA | $317.58 | $317.58 | $317.58 |
| Total housing payment | $641.85 | $3,041.84 | $2,945.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,146
Closing costs & prepaids$12,619
Usable credit−$0
Total buyer cash needed$54,765
Earnest money paid−$0
Remaining funds due$54,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$502.75
Prepaid interest, first (6 days)$24.29
Prepaid interest, second (6 days)$426.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.53%
Interest already paid$25,357Through Dec 2026
Assumption only · ends May 2043$18,364
Assumption + second · ends May 2043, second Jan 2057$547,357
New conventional · ends Jan 2057$551,023