Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,572/mo
Lowest payment- Down payment
- $295,700
- Funds due
- $307,412
- Interest + MI left
- $42,904
- First ends
- Aug 2040
Assumption
Assumption + second
$3,398/mo
+$1,827/mo- Down payment
- $40,700
- Funds due
- $53,987
- Interest + MI left
- $445,571
- First ends
- Aug 2040
New loan
New conventional
$3,128/mo
+$1,557/mo- Down payment
- $40,700
- Funds due
- $50,561
- Interest + MI left
- $525,138
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,200 | $104,200 | $359,200 |
| Second mortgage | — | $255,000 | — |
| First P&I | $825.81 | $825.81 | $2,433.35 |
| Second P&I | — | $1,826.85 | — |
| Mortgage insurance | $122.52 | $122.52 | $71.84 |
| Taxes, insurance & HOA | $623.25 | $623.25 | $623.25 |
| Total housing payment | $1,571.58 | $3,398.43 | $3,128.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,700
Closing costs & prepaids$13,287
Usable credit−$0
Total buyer cash needed$53,987
Earnest money paid−$0
Remaining funds due$53,987
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$1,419.75
Prepaid interest, first (6 days)$68.52
Prepaid interest, second (6 days)$324.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing13 yr 8 moOf the original 30-year loan at 4%
Interest already paid$93,084Through Dec 2026
Assumption only · ends Aug 2040$42,904
Assumption + second · ends Aug 2040, second Jan 2057$445,571
New conventional · ends Jan 2057$525,138