Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,102/mo
Lowest payment- Down payment
- $341,488
- Funds due
- $354,626
- Interest + MI left
- $80,931
- First ends
- Aug 2042
Assumption
Assumption + second
$4,165/mo
+$2,063/mo- Down payment
- $53,488
- Funds due
- $68,120
- Interest + MI left
- $535,708
- First ends
- Aug 2042
New loan
New conventional
$3,878/mo
+$1,776/mo- Down payment
- $53,488
- Funds due
- $64,583
- Interest + MI left
- $681,069
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,412 | $183,412 | $471,412 |
| Second mortgage | — | $288,000 | — |
| First P&I | $1,291.56 | $1,291.56 | $3,171.22 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | $197.54 | $197.54 | $94.28 |
| Taxes, insurance & HOA | $612.83 | $612.83 | $612.83 |
| Total housing payment | $2,101.94 | $4,165.20 | $3,878.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,488
Closing costs & prepaids$14,632
Usable credit−$0
Total buyer cash needed$68,120
Earnest money paid−$0
Remaining funds due$68,120
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,249.00
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)$1,338.50
Prepaid interest, first (4 days)$75.37
Prepaid interest, second (4 days)$244.60
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 8 moOf the original 30-year loan at 3.75%
Interest already paid$126,676Through Dec 2026
Assumption only · ends Aug 2042$80,931
Assumption + second · ends Aug 2042, second Jan 2057$535,708
New conventional · ends Jan 2057$681,069