Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,742/mo
Lowest payment- Down payment
- $342,833
- Funds due
- $355,468
- Interest + MI left
- $62,148
- First ends
- Jun 2042
Assumption
Assumption + second
$3,849/mo
+$2,106/mo- Down payment
- $48,833
- Funds due
- $63,030
- Interest + MI left
- $526,398
- First ends
- Jun 2042
New loan
New conventional
$3,621/mo
+$1,879/mo- Down payment
- $48,833
- Funds due
- $59,535
- Interest + MI left
- $637,748
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,167 | $142,167 | $436,167 |
| Second mortgage | — | $294,000 | — |
| First P&I | $1,009.04 | $1,009.04 | $2,954.75 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | $154.33 | $154.33 | $87.23 |
| Taxes, insurance & HOA | $578.92 | $578.92 | $578.92 |
| Total housing payment | $1,742.28 | $3,848.54 | $3,620.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,833
Closing costs & prepaids$14,197
Usable credit−$0
Total buyer cash needed$63,030
Earnest money paid−$0
Remaining funds due$63,030
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$1,236.75
Prepaid interest, first (5 days)$73.03
Prepaid interest, second (5 days)$312.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 30-year loan at 3.75%
Interest already paid$99,860Through Dec 2026
Assumption only · ends Jun 2042$62,148
Assumption + second · ends Jun 2042, second Jan 2057$526,398
New conventional · ends Jan 2057$637,748