Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$945/mo
Lowest payment- Down payment
- $275,773
- Funds due
- $285,979
- Interest + MI left
- $40,555
- First ends
- Apr 2042
Assumption
Assumption + second
$2,664/mo
+$1,719/mo- Down payment
- $35,773
- Funds due
- $47,535
- Interest + MI left
- $419,535
- First ends
- Apr 2042
New loan
New conventional
$2,482/mo
+$1,537/mo- Down payment
- $35,773
- Funds due
- $44,131
- Interest + MI left
- $459,389
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,227 | $74,227 | $314,227 |
| Second mortgage | — | $240,000 | — |
| First P&I | $578.41 | $578.41 | $2,128.68 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | $76.32 | $76.32 | $62.85 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $944.74 | $2,664.13 | $2,481.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,773
Closing costs & prepaids$11,762
Usable credit−$0
Total buyer cash needed$47,535
Earnest money paid−$0
Remaining funds due$47,535
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
Prepaid interest, first (6 days)$61.01
Prepaid interest, second (6 days)$305.75
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 4 moOf the original 30-year loan at 5%
Interest already paid$68,280Through Dec 2026
Assumption only · ends Apr 2042$40,555
Assumption + second · ends Apr 2042, second Jan 2057$419,535
New conventional · ends Jan 2057$459,389