Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,232/mo
Lowest payment- Down payment
- $272,978
- Funds due
- $284,137
- Interest + MI left
- $33,866
- First ends
- Sep 2042
Assumption
Assumption + second
$2,929/mo
+$1,698/mo- Down payment
- $35,978
- Funds due
- $48,740
- Interest + MI left
- $408,109
- First ends
- Sep 2042
New loan
New conventional
$2,800/mo
+$1,569/mo- Down payment
- $35,978
- Funds due
- $45,356
- Interest + MI left
- $459,089
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,022 | $77,022 | $314,022 |
| Second mortgage | — | $237,000 | — |
| First P&I | $538.73 | $538.73 | $2,127.29 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | $82.80 | $82.80 | $62.80 |
| Taxes, insurance & HOA | $610.00 | $610.00 | $610.00 |
| Total housing payment | $1,231.54 | $2,929.43 | $2,800.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,978
Closing costs & prepaids$12,762
Usable credit−$0
Total buyer cash needed$48,740
Earnest money paid−$0
Remaining funds due$48,740
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$960.00
Prepaid interest, first (7 days)$54.80
Prepaid interest, second (7 days)$352.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.71%
Interest already paid$52,246Through Dec 2026
Assumption only · ends Sep 2042$33,866
Assumption + second · ends Sep 2042, second Jan 2057$408,109
New conventional · ends Jan 2057$459,089