Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,445/mo
Lowest payment- Down payment
- $283,731
- Funds due
- $294,997
- Interest + MI left
- $50,488
- First ends
- Sep 2042
Assumption
Assumption + second
$3,179/mo
+$1,734/mo- Down payment
- $41,731
- Funds due
- $54,350
- Interest + MI left
- $432,626
- First ends
- Sep 2042
New loan
New conventional
$3,079/mo
+$1,634/mo- Down payment
- $41,731
- Funds due
- $50,906
- Interest + MI left
- $558,279
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,169 | $126,169 | $368,169 |
| Second mortgage | — | $242,000 | — |
| First P&I | $850.37 | $850.37 | $2,549.13 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | $138.40 | $138.40 | $73.63 |
| Taxes, insurance & HOA | $456.42 | $456.42 | $456.42 |
| Total housing payment | $1,445.19 | $3,178.91 | $3,079.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,731
Closing costs & prepaids$12,618
Usable credit−$0
Total buyer cash needed$54,350
Earnest money paid−$0
Remaining funds due$54,350
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$889.25
Initial HOA (3 months)$30.00
Prepaid interest, first (2 days)$22.47
Prepaid interest, second (2 days)$102.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 3.250%
Interest already paid$75,337Through Nov 2026
Assumption only · ends Sep 2042$50,488
Assumption + second · ends Sep 2042, second Dec 2056$432,626
New conventional · ends Dec 2056$558,279