Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,696/mo
Lowest payment- Down payment
- $307,833
- Funds due
- $319,778
- Interest + MI left
- $62,148
- First ends
- Jun 2042
Assumption
Assumption + second
$3,573/mo
+$1,877/mo- Down payment
- $45,833
- Funds due
- $59,306
- Interest + MI left
- $475,868
- First ends
- Jun 2042
New loan
New conventional
$3,351/mo
+$1,655/mo- Down payment
- $45,833
- Funds due
- $55,845
- Interest + MI left
- $590,878
- 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 | $404,167 |
| Second mortgage | — | $262,000 | — |
| First P&I | $1,009.04 | $1,009.04 | $2,737.97 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | $154.33 | $154.33 | $80.83 |
| Taxes, insurance & HOA | $532.50 | $532.50 | $532.50 |
| Total housing payment | $1,695.87 | $3,572.87 | $3,351.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,833
Closing costs & prepaids$13,474
Usable credit−$0
Total buyer cash needed$59,306
Earnest money paid−$0
Remaining funds due$59,306
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,147.50
Prepaid interest, first (5 days)$73.03
Prepaid interest, second (5 days)$278.15
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$475,868
New conventional · ends Jan 2057$590,878