Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$919/mo
Lowest payment- Down payment
- $272,423
- Funds due
- $282,606
- Interest + MI left
- $34,667
- First ends
- Jul 2042
Assumption
Assumption + second
$2,617/mo
+$1,698/mo- Down payment
- $35,423
- Funds due
- $47,158
- Interest + MI left
- $408,910
- First ends
- Jul 2042
New loan
New conventional
$2,477/mo
+$1,558/mo- Down payment
- $35,423
- Funds due
- $43,773
- Interest + MI left
- $458,439
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,577 | $76,577 | $313,577 |
| Second mortgage | — | $237,000 | — |
| First P&I | $547.11 | $547.11 | $2,124.28 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | $82.16 | $82.16 | $62.72 |
| Taxes, insurance & HOA | $289.58 | $289.58 | $289.58 |
| Total housing payment | $918.86 | $2,616.76 | $2,476.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,423
Closing costs & prepaids$11,735
Usable credit−$0
Total buyer cash needed$47,158
Earnest money paid−$0
Remaining funds due$47,158
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Prepaid interest, first (6 days)$49.09
Prepaid interest, second (6 days)$301.93
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 3.9%
Interest already paid$55,232Through Dec 2026
Assumption only · ends Jul 2042$34,667
Assumption + second · ends Jul 2042, second Jan 2057$408,910
New conventional · ends Jan 2057$458,439