Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,604/mo
Lowest payment- Down payment
- $238,685
- Funds due
- $249,712
- Interest + MI left
- $58,679
- First ends
- Mar 2042
Assumption
Assumption + second
$3,044/mo
+$1,440/mo- Down payment
- $37,685
- Funds due
- $50,004
- Interest + MI left
- $376,075
- First ends
- Mar 2042
New loan
New conventional
$2,879/mo
+$1,275/mo- Down payment
- $37,685
- Funds due
- $46,588
- Interest + MI left
- $503,760
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,215 | $131,215 | $332,215 |
| Second mortgage | — | $201,000 | — |
| First P&I | $949.26 | $949.26 | $2,300.19 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $142.38 | $142.38 | $66.44 |
| Taxes, insurance & HOA | $512.83 | $512.83 | $512.83 |
| Total housing payment | $1,604.47 | $3,044.46 | $2,879.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,685
Closing costs & prepaids$12,319
Usable credit−$0
Total buyer cash needed$50,004
Earnest money paid−$0
Remaining funds due$50,004
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$1,088.50
Prepaid interest, first (1 days)$14.06
Prepaid interest, second (1 days)$42.68
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 4 moOf the original 30-year loan at 3.910%
Interest already paid$97,273Through Nov 2026
Assumption only · ends Mar 2042$58,679
Assumption + second · ends Mar 2042, second Dec 2056$376,075
New conventional · ends Dec 2056$503,760