Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,955/mo
Lowest payment- Down payment
- $311,627
- Funds due
- $324,224
- Interest + MI left
- $70,423
- First ends
- Mar 2042
Assumption
Assumption + second
$3,846/mo
+$1,891/mo- Down payment
- $47,627
- Funds due
- $61,698
- Interest + MI left
- $487,301
- First ends
- Mar 2042
New loan
New conventional
$3,562/mo
+$1,607/mo- Down payment
- $47,627
- Funds due
- $58,214
- Interest + MI left
- $617,530
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,373 | $163,373 | $427,373 |
| Second mortgage | — | $264,000 | — |
| First P&I | $1,173.58 | $1,173.58 | $2,874.97 |
| Second P&I | — | $1,891.33 | — |
| Mortgage insurance | $179.50 | $179.50 | $85.47 |
| Taxes, insurance & HOA | $601.67 | $601.67 | $601.67 |
| Total housing payment | $1,954.74 | $3,846.07 | $3,562.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,627
Closing costs & prepaids$14,071
Usable credit−$0
Total buyer cash needed$61,698
Earnest money paid−$0
Remaining funds due$61,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$1,211.25
Initial HOA (3 months)$93.75
Prepaid interest, first (4 days)$67.14
Prepaid interest, second (4 days)$224.22
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 3 moOf the original 30-year loan at 3.75%
Interest already paid$117,687Through Dec 2026
Assumption only · ends Mar 2042$70,423
Assumption + second · ends Mar 2042, second Jan 2057$487,301
New conventional · ends Jan 2057$617,530