Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,699/mo
Lowest payment- Down payment
- $130,321
- Funds due
- $140,875
- Interest + MI left
- $49,854
- First ends
- May 2042
Assumption
Assumption + second
$2,469/mo
+$770/mo- Down payment
- $25,321
- Funds due
- $37,240
- Interest + MI left
- $222,217
- First ends
- May 2042
New loan
New conventional
$2,289/mo
+$590/mo- Down payment
- $25,321
- Funds due
- $33,979
- Interest + MI left
- $320,973
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,579 | $114,579 | $219,579 |
| Second mortgage | — | $105,000 | — |
| First P&I | $816.47 | $816.47 | $1,487.50 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $124.88 | $124.88 | $43.92 |
| Taxes, insurance & HOA | $757.17 | $757.17 | $757.17 |
| Total housing payment | $1,698.52 | $2,468.97 | $2,288.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,321
Closing costs & prepaids$11,919
Usable credit−$0
Total buyer cash needed$37,240
Earnest money paid−$0
Remaining funds due$37,240
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.00
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)$624.50
Initial HOA (3 months)$1,197.00
Prepaid interest, first (5 days)$58.86
Prepaid interest, second (5 days)$115.07
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 5 moOf the original 30-year loan at 3.75%
Interest already paid$81,162Through Dec 2026
Assumption only · ends May 2042$49,854
Assumption + second · ends May 2042, second Jan 2057$222,217
New conventional · ends Jan 2057$320,973