Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,294/mo
Lowest payment- Down payment
- $339,543
- Funds due
- $351,067
- Interest + MI left
- $49,237
- First ends
- May 2042
Assumption
Assumption + second
$3,401/mo
+$2,106/mo- Down payment
- $45,543
- Funds due
- $58,879
- Interest + MI left
- $513,488
- First ends
- May 2042
New loan
New conventional
$3,202/mo
+$1,907/mo- Down payment
- $45,543
- Funds due
- $55,422
- Interest + MI left
- $591,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,457 | $110,457 | $404,457 |
| Second mortgage | — | $294,000 | — |
| First P&I | $793.71 | $793.71 | $2,739.93 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | $119.63 | $119.63 | $80.89 |
| Taxes, insurance & HOA | $381.00 | $381.00 | $381.00 |
| Total housing payment | $1,294.35 | $3,400.60 | $3,201.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,543
Closing costs & prepaids$13,335
Usable credit−$0
Total buyer cash needed$58,879
Earnest money paid−$0
Remaining funds due$58,879
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$153.00
Prepaid interest, first (9 days)$105.40
Prepaid interest, second (9 days)$561.82
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 5 moOf the original 30-year loan at 3.87%
Interest already paid$80,464Through Dec 2026
Assumption only · ends May 2042$49,237
Assumption + second · ends May 2042, second Jan 2057$513,488
New conventional · ends Jan 2057$591,383