Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$852/mo
Lowest payment- Down payment
- $297,633
- Funds due
- $308,011
- Interest + MI left
- $30,475
- First ends
- Jun 2042
Assumption
Assumption + second
$2,722/mo
+$1,870/mo- Down payment
- $36,633
- Funds due
- $48,760
- Interest + MI left
- $442,615
- First ends
- Jun 2042
New loan
New conventional
$2,586/mo
+$1,734/mo- Down payment
- $36,633
- Funds due
- $45,361
- Interest + MI left
- $480,127
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $67,367 | $67,367 | $328,367 |
| Second mortgage | — | $261,000 | — |
| First P&I | $483.87 | $483.87 | $2,224.47 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | $72.49 | $72.49 | $65.67 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $852.36 | $2,722.19 | $2,586.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,633
Closing costs & prepaids$12,127
Usable credit−$0
Total buyer cash needed$48,760
Earnest money paid−$0
Remaining funds due$48,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Prepaid interest, first (9 days)$65.12
Prepaid interest, second (9 days)$498.76
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 6 moOf the original 30-year loan at 3.92%
Interest already paid$49,222Through Dec 2026
Assumption only · ends Jun 2042$30,475
Assumption + second · ends Jun 2042, second Jan 2057$442,615
New conventional · ends Jan 2057$480,127