Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,357/mo
Lowest payment- Down payment
- $334,654
- Funds due
- $348,054
- Interest + MI left
- $91,479
- First ends
- May 2042
Assumption
Assumption + second
$4,363/mo
+$2,006/mo- Down payment
- $54,654
- Funds due
- $69,542
- Interest + MI left
- $533,623
- First ends
- May 2042
New loan
New conventional
$4,026/mo
+$1,669/mo- Down payment
- $54,654
- Funds due
- $66,003
- Interest + MI left
- $708,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,246 | $210,246 | $490,246 |
| Second mortgage | — | $280,000 | — |
| First P&I | $1,498.18 | $1,498.18 | $3,297.92 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | $229.15 | $229.15 | $98.05 |
| Taxes, insurance & HOA | $629.83 | $629.83 | $629.83 |
| Total housing payment | $2,357.16 | $4,363.11 | $4,025.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,654
Closing costs & prepaids$14,888
Usable credit−$0
Total buyer cash needed$69,542
Earnest money paid−$0
Remaining funds due$69,542
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,449.00
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)$1,389.50
Prepaid interest, first (4 days)$86.40
Prepaid interest, second (4 days)$237.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3.75%
Interest already paid$148,927Through Dec 2026
Assumption only · ends May 2042$91,479
Assumption + second · ends May 2042, second Jan 2057$533,623
New conventional · ends Jan 2057$708,378