Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,566/mo
Lowest payment- Down payment
- $290,700
- Funds due
- $302,345
- Interest + MI left
- $42,904
- First ends
- Aug 2040
Assumption
Assumption + second
$3,364/mo
+$1,798/mo- Down payment
- $39,700
- Funds due
- $52,914
- Interest + MI left
- $439,254
- First ends
- Aug 2040
New loan
New conventional
$3,095/mo
+$1,529/mo- Down payment
- $39,700
- Funds due
- $49,498
- Interest + MI left
- $519,361
- 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 | $355,200 |
| Second mortgage | — | $251,000 | — |
| First P&I | $825.81 | $825.81 | $2,406.25 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $122.52 | $122.52 | $71.04 |
| Taxes, insurance & HOA | $617.33 | $617.33 | $617.33 |
| Total housing payment | $1,565.67 | $3,363.86 | $3,094.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,700
Closing costs & prepaids$13,214
Usable credit−$0
Total buyer cash needed$52,914
Earnest money paid−$0
Remaining funds due$52,914
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,949.00
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)$1,402.00
Prepaid interest, first (6 days)$68.52
Prepaid interest, second (6 days)$319.77
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$439,254
New conventional · ends Jan 2057$519,361