Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,180/mo
Lowest payment- Down payment
- $346,457
- Funds due
- $357,788
- Interest + MI left
- $46,688
- First ends
- Jul 2042
Assumption
Assumption + second
$3,336/mo
+$2,156/mo- Down payment
- $45,457
- Funds due
- $58,421
- Interest + MI left
- $521,992
- First ends
- Jul 2042
New loan
New conventional
$3,151/mo
+$1,971/mo- Down payment
- $45,457
- Funds due
- $54,945
- Interest + MI left
- $591,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,543 | $103,543 | $404,543 |
| Second mortgage | — | $301,000 | — |
| First P&I | $738.74 | $738.74 | $2,740.52 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | $111.21 | $111.21 | $80.91 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,179.95 | $3,336.35 | $3,151.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,457
Closing costs & prepaids$12,965
Usable credit−$0
Total buyer cash needed$58,421
Earnest money paid−$0
Remaining funds due$58,421
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (6 days)$66.04
Prepaid interest, second (6 days)$383.47
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 7 moOf the original 30-year loan at 3.88%
Interest already paid$74,341Through Dec 2026
Assumption only · ends Jul 2042$46,688
Assumption + second · ends Jul 2042, second Jan 2057$521,992
New conventional · ends Jan 2057$591,509