Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,267/mo
Lowest payment- Down payment
- $339,107
- Funds due
- $350,454
- Interest + MI left
- $49,666
- First ends
- May 2042
Assumption
Assumption + second
$3,373/mo
+$2,106/mo- Down payment
- $45,107
- Funds due
- $57,766
- Interest + MI left
- $513,917
- First ends
- May 2042
New loan
New conventional
$3,238/mo
+$1,971/mo- Down payment
- $45,107
- Funds due
- $54,273
- Interest + MI left
- $614,047
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,893 | $110,893 | $404,893 |
| Second mortgage | — | $294,000 | — |
| First P&I | $793.71 | $793.71 | $2,803.40 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | $119.63 | $119.63 | $80.98 |
| Taxes, insurance & HOA | $353.25 | $353.25 | $353.25 |
| Total housing payment | $1,266.60 | $3,372.85 | $3,237.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,107
Closing costs & prepaids$12,659
Usable credit−$0
Total buyer cash needed$57,766
Earnest money paid−$0
Remaining funds due$57,766
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)$456.75
Initial HOA (3 months)$153.00
Prepaid interest, first (1 days)$11.76
Prepaid interest, second (1 days)$62.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.870%
Interest already paid$80,106Through Nov 2026
Assumption only · ends May 2042$49,666
Assumption + second · ends May 2042, second Dec 2056$513,917
New conventional · ends Dec 2056$614,047