Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,492/mo
Lowest payment- Down payment
- $357,724
- Funds due
- $370,144
- Interest + MI left
- $48,624
- First ends
- Apr 2042
Assumption
Assumption + second
$3,713/mo
+$2,221/mo- Down payment
- $47,724
- Funds due
- $61,657
- Interest + MI left
- $538,140
- First ends
- Apr 2042
New loan
New conventional
$3,491/mo
+$1,999/mo- Down payment
- $47,724
- Funds due
- $58,149
- Interest + MI left
- $610,165
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,276 | $112,276 | $422,276 |
| Second mortgage | — | $310,000 | — |
| First P&I | $803.27 | $803.27 | $2,840.68 |
| Second P&I | — | $2,220.88 | — |
| Mortgage insurance | $122.86 | $122.86 | $84.46 |
| Taxes, insurance & HOA | $566.17 | $566.17 | $566.17 |
| Total housing payment | $1,492.30 | $3,713.18 | $3,491.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,724
Closing costs & prepaids$13,933
Usable credit−$0
Total buyer cash needed$61,657
Earnest money paid−$0
Remaining funds due$61,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$1,198.50
Prepaid interest, first (4 days)$46.14
Prepaid interest, second (4 days)$263.29
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 4 moOf the original 30-year loan at 3.75%
Interest already paid$80,202Through Dec 2026
Assumption only · ends Apr 2042$48,624
Assumption + second · ends Apr 2042, second Jan 2057$538,140
New conventional · ends Jan 2057$610,165