Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,260/mo
Lowest payment- Down payment
- $429,789
- Funds due
- $443,699
- Interest + MI left
- $99,734
- First ends
- May 2042
Assumption
Assumption + second
$4,867/mo
+$2,608/mo- Down payment
- $65,789
- Funds due
- $81,413
- Interest + MI left
- $674,520
- First ends
- May 2042
New loan
New conventional
$4,505/mo
+$2,246/mo- Down payment
- $65,789
- Funds due
- $77,788
- Interest + MI left
- $854,213
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,211 | $220,211 | $584,211 |
| Second mortgage | — | $364,000 | — |
| First P&I | $1,591.22 | $1,591.22 | $3,957.65 |
| Second P&I | — | $2,607.74 | — |
| Mortgage insurance | $237.52 | $237.52 | $116.84 |
| Taxes, insurance & HOA | $430.84 | $430.84 | $430.84 |
| Total housing payment | $2,259.57 | $4,867.31 | $4,505.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,789
Closing costs & prepaids$15,624
Usable credit−$0
Total buyer cash needed$81,413
Earnest money paid−$0
Remaining funds due$81,413
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Initial HOA (3 months)$12.51
Prepaid interest, first (6 days)$142.99
Prepaid interest, second (6 days)$463.73
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 5 moOf the original 30-year loan at 3.95%
Interest already paid$163,354Through Dec 2026
Assumption only · ends May 2042$99,734
Assumption + second · ends May 2042, second Jan 2057$674,520
New conventional · ends Jan 2057$854,213