Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,458/mo
Lowest payment- Down payment
- $335,485
- Funds due
- $347,348
- Interest + MI left
- $58,870
- First ends
- Oct 2042
Assumption
Assumption + second
$3,521/mo
+$2,063/mo- Down payment
- $47,485
- Funds due
- $60,965
- Interest + MI left
- $513,646
- First ends
- Oct 2042
New loan
New conventional
$3,330/mo
+$1,872/mo- Down payment
- $47,485
- Funds due
- $57,496
- Interest + MI left
- $623,472
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,403 | $138,403 | $426,403 |
| Second mortgage | — | $288,000 | — |
| First P&I | $951.91 | $951.91 | $2,888.60 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | $149.60 | $149.60 | $85.28 |
| Taxes, insurance & HOA | $356.25 | $356.25 | $356.25 |
| Total housing payment | $1,457.76 | $3,521.03 | $3,330.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,485
Closing costs & prepaids$13,480
Usable credit−$0
Total buyer cash needed$60,965
Earnest money paid−$0
Remaining funds due$60,965
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,738.88
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)$568.75
Prepaid interest, first (6 days)$80.31
Prepaid interest, second (6 days)$366.90
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 10 moOf the original 30-year loan at 3.53%
Interest already paid$89,030Through Dec 2026
Assumption only · ends Oct 2042$58,870
Assumption + second · ends Oct 2042, second Jan 2057$513,646
New conventional · ends Jan 2057$623,472