Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,364/mo
Lowest payment- Down payment
- $262,547
- Funds due
- $274,104
- Interest + MI left
- $30,203
- First ends
- May 2042
Assumption
Assumption + second
$3,004/mo
+$1,641/mo- Down payment
- $33,547
- Funds due
- $46,792
- Interest + MI left
- $391,814
- First ends
- May 2042
New loan
New conventional
$2,873/mo
+$1,509/mo- Down payment
- $33,547
- Funds due
- $43,428
- Interest + MI left
- $433,258
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $67,353 | $67,353 | $296,353 |
| Second mortgage | — | $229,000 | — |
| First P&I | $484.99 | $484.99 | $2,007.60 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | $72.83 | $72.83 | $59.27 |
| Taxes, insurance & HOA | $806.00 | $806.00 | $806.00 |
| Total housing payment | $1,363.83 | $3,004.41 | $2,872.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,547
Closing costs & prepaids$13,244
Usable credit−$0
Total buyer cash needed$46,792
Earnest money paid−$0
Remaining funds due$46,792
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$396.00
Initial HOA (3 months)$1,572.00
Prepaid interest, first (9 days)$64.77
Prepaid interest, second (9 days)$437.61
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 5 moOf the original 30-year loan at 3.9%
Interest already paid$49,401Through Dec 2026
Assumption only · ends May 2042$30,203
Assumption + second · ends May 2042, second Jan 2057$391,814
New conventional · ends Jan 2057$433,258