Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$895/mo
Lowest payment- Down payment
- $326,326
- Funds due
- $337,096
- Interest + MI left
- $31,615
- First ends
- Nov 2042
Assumption
Assumption + second
$2,944/mo
+$2,049/mo- Down payment
- $40,326
- Funds due
- $52,892
- Interest + MI left
- $483,233
- First ends
- Nov 2042
New loan
New conventional
$2,818/mo
+$1,924/mo- Down payment
- $40,326
- Funds due
- $49,465
- Interest + MI left
- $525,903
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,674 | $73,674 | $359,674 |
| Second mortgage | — | $286,000 | — |
| First P&I | $505.46 | $505.46 | $2,436.56 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | $79.24 | $79.24 | $71.93 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $894.70 | $2,943.64 | $2,818.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,326
Closing costs & prepaids$12,566
Usable credit−$0
Total buyer cash needed$52,892
Earnest money paid−$0
Remaining funds due$52,892
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (9 days)$64.49
Prepaid interest, second (9 days)$546.53
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 11 moOf the original 30-year loan at 3.55%
Interest already paid$47,229Through Dec 2026
Assumption only · ends Nov 2042$31,615
Assumption + second · ends Nov 2042, second Jan 2057$483,233
New conventional · ends Jan 2057$525,903