Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$422/mo
Lowest payment- Down payment
- $337,923
- Funds due
- $348,137
- Interest + MI left
- $5,993
- First ends
- Jun 2042
Assumption
Assumption + second
$2,586/mo
+$2,164/mo- Down payment
- $35,923
- Funds due
- $47,964
- Interest + MI left
- $482,876
- First ends
- Jun 2042
New loan
New conventional
$2,517/mo
+$2,095/mo- Down payment
- $35,923
- Funds due
- $44,530
- Interest + MI left
- $466,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,077 | $17,077 | $319,077 |
| Second mortgage | — | $302,000 | — |
| First P&I | $115.66 | $115.66 | $2,161.54 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | $14.65 | $14.65 | $63.82 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $422.32 | $2,585.88 | $2,517.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,923
Closing costs & prepaids$12,041
Usable credit−$0
Total buyer cash needed$47,964
Earnest money paid−$0
Remaining funds due$47,964
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Prepaid interest, first (9 days)$13.01
Prepaid interest, second (9 days)$577.11
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 20-year loan at 3.09%
Interest already paid$2,636Through Dec 2026
Assumption only · ends Jun 2042$5,993
Assumption + second · ends Jun 2042, second Jan 2057$482,876
New conventional · ends Jan 2057$466,543