Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$476/mo
Lowest payment- Down payment
- $329,541
- Funds due
- $339,971
- Interest + MI left
- $1,946
- First ends
- Jul 2042
Assumption
Assumption + second
$2,596/mo
+$2,121/mo- Down payment
- $33,541
- Funds due
- $45,536
- Interest + MI left
- $469,355
- First ends
- Jul 2042
New loan
New conventional
$2,536/mo
+$2,061/mo- Down payment
- $33,541
- Funds due
- $42,130
- Interest + MI left
- $440,637
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,359 | $5,359 | $301,359 |
| Second mortgage | — | $296,000 | — |
| First P&I | $36.35 | $36.35 | $2,041.51 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | $4.73 | $4.73 | $60.27 |
| Taxes, insurance & HOA | $434.67 | $434.67 | $434.67 |
| Total housing payment | $475.75 | $2,596.33 | $2,536.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,541
Closing costs & prepaids$11,995
Usable credit−$0
Total buyer cash needed$45,536
Earnest money paid−$0
Remaining funds due$45,536
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,349.00
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)$854.00
Prepaid interest, first (5 days)$2.33
Prepaid interest, second (5 days)$314.25
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 7 moOf the original 21-year loan at 3.17%
Interest already paid$1,039Through Dec 2026
Assumption only · ends Jul 2042$1,946
Assumption + second · ends Jul 2042, second Jan 2057$469,355
New conventional · ends Jan 2057$440,637