Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,085/mo
Lowest payment- Down payment
- $283,015
- Funds due
- $293,635
- Interest + MI left
- $40,960
- First ends
- Aug 2042
Assumption
Assumption + second
$2,840/mo
+$1,755/mo- Down payment
- $38,015
- Funds due
- $50,354
- Interest + MI left
- $427,836
- First ends
- Aug 2042
New loan
New conventional
$2,686/mo
+$1,602/mo- Down payment
- $38,015
- Funds due
- $46,965
- Interest + MI left
- $492,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,885 | $91,885 | $336,885 |
| Second mortgage | — | $245,000 | — |
| First P&I | $649.33 | $649.33 | $2,282.18 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | $98.71 | $98.71 | $67.38 |
| Taxes, insurance & HOA | $336.67 | $336.67 | $336.67 |
| Total housing payment | $1,084.71 | $2,839.92 | $2,686.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,015
Closing costs & prepaids$12,338
Usable credit−$0
Total buyer cash needed$50,354
Earnest money paid−$0
Remaining funds due$50,354
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$450.00
Initial HOA (3 months)$110.01
Prepaid interest, first (9 days)$86.09
Prepaid interest, second (9 days)$468.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 3.8%
Interest already paid$64,215Through Dec 2026
Assumption only · ends Aug 2042$40,960
Assumption + second · ends Aug 2042, second Jan 2057$427,836
New conventional · ends Jan 2057$492,582