Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$868/mo
Lowest payment- Down payment
- $237,630
- Funds due
- $247,575
- Interest + MI left
- $25,197
- First ends
- Jul 2042
Assumption
Assumption + second
$2,358/mo
+$1,490/mo- Down payment
- $29,630
- Funds due
- $40,958
- Interest + MI left
- $353,646
- First ends
- Jul 2042
New loan
New conventional
$2,239/mo
+$1,371/mo- Down payment
- $29,630
- Funds due
- $37,616
- Interest + MI left
- $383,445
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,370 | $57,370 | $265,370 |
| Second mortgage | — | $208,000 | — |
| First P&I | $405.58 | $405.58 | $1,785.16 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | $62.03 | $62.03 | $53.07 |
| Taxes, insurance & HOA | $400.75 | $400.75 | $400.75 |
| Total housing payment | $868.36 | $2,358.50 | $2,238.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,630
Closing costs & prepaids$11,327
Usable credit−$0
Total buyer cash needed$40,958
Earnest money paid−$0
Remaining funds due$40,958
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$752.25
Prepaid interest, first (3 days)$17.68
Prepaid interest, second (3 days)$132.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 7 moOf the original 30-year loan at 3.75%
Interest already paid$39,959Through Dec 2026
Assumption only · ends Jul 2042$25,197
Assumption + second · ends Jul 2042, second Jan 2057$353,646
New conventional · ends Jan 2057$383,445