Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,527/mo
Lowest payment- Down payment
- $303,064
- Funds due
- $314,760
- Interest + MI left
- $48,601
- First ends
- Apr 2042
Assumption
Assumption + second
$3,368/mo
+$1,841/mo- Down payment
- $46,064
- Funds due
- $59,337
- Interest + MI left
- $454,425
- First ends
- Apr 2042
New loan
New conventional
$3,238/mo
+$1,710/mo- Down payment
- $46,064
- Funds due
- $55,919
- Interest + MI left
- $605,243
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,936 | $156,936 | $413,936 |
| Second mortgage | — | $257,000 | — |
| First P&I | $1,039.57 | $1,039.57 | $2,804.15 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | $136.94 | $136.94 | $82.79 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $1,527.18 | $3,368.36 | $3,237.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,064
Closing costs & prepaids$13,273
Usable credit−$0
Total buyer cash needed$59,337
Earnest money paid−$0
Remaining funds due$59,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$552.00
Prepaid interest, first (6 days)$68.62
Prepaid interest, second (6 days)$327.41
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 closing15 yr 4 moOf the original 20-year loan at 2.66%
Interest already paid$21,826Through Dec 2026
Assumption only · ends Apr 2042$48,601
Assumption + second · ends Apr 2042, second Jan 2057$454,425
New conventional · ends Jan 2057$605,243