Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,533/mo
Lowest payment- Down payment
- $372,273
- Funds due
- $384,932
- Interest + MI left
- $49,048
- First ends
- Apr 2042
Assumption
Assumption + second
$3,847/mo
+$2,314/mo- Down payment
- $49,273
- Funds due
- $63,250
- Interest + MI left
- $559,092
- First ends
- Apr 2042
New loan
New conventional
$3,711/mo
+$2,178/mo- Down payment
- $49,273
- Funds due
- $59,716
- Interest + MI left
- $660,722
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,727 | $112,727 | $435,727 |
| Second mortgage | — | $323,000 | — |
| First P&I | $803.27 | $803.27 | $3,016.89 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | $122.86 | $122.86 | $87.15 |
| Taxes, insurance & HOA | $607.33 | $607.33 | $607.33 |
| Total housing payment | $1,533.47 | $3,847.48 | $3,711.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,273
Closing costs & prepaids$13,977
Usable credit−$0
Total buyer cash needed$63,250
Earnest money paid−$0
Remaining funds due$63,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,322.00
Prepaid interest, first (1 days)$11.58
Prepaid interest, second (1 days)$68.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.750%
Interest already paid$79,850Through Nov 2026
Assumption only · ends Apr 2042$49,048
Assumption + second · ends Apr 2042, second Dec 2056$559,092
New conventional · ends Dec 2056$660,722