Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,195/mo
Lowest payment- Down payment
- $298,270
- Funds due
- $309,223
- Interest + MI left
- $45,567
- First ends
- Jun 2042
Assumption
Assumption + second
$3,044/mo
+$1,848/mo- Down payment
- $40,270
- Funds due
- $52,966
- Interest + MI left
- $452,970
- First ends
- Jun 2042
New loan
New conventional
$2,865/mo
+$1,670/mo- Down payment
- $40,270
- Funds due
- $49,558
- Interest + MI left
- $524,523
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,730 | $100,730 | $358,730 |
| Second mortgage | — | $258,000 | — |
| First P&I | $723.50 | $723.50 | $2,430.16 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | $108.39 | $108.39 | $71.75 |
| Taxes, insurance & HOA | $363.58 | $363.58 | $363.58 |
| Total housing payment | $1,195.47 | $3,043.82 | $2,865.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,270
Closing costs & prepaids$12,696
Usable credit−$0
Total buyer cash needed$52,966
Earnest money paid−$0
Remaining funds due$52,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$162.00
Prepaid interest, first (9 days)$97.36
Prepaid interest, second (9 days)$493.03
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$73,599Through Dec 2026
Assumption only · ends Jun 2042$45,567
Assumption + second · ends Jun 2042, second Jan 2057$452,970
New conventional · ends Jan 2057$524,523