Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,160/mo
Lowest payment- Down payment
- $346,220
- Funds due
- $359,221
- Interest + MI left
- $81,704
- First ends
- Oct 2040
Assumption
Assumption + second
$4,273/mo
+$2,113/mo- Down payment
- $51,220
- Funds due
- $65,784
- Interest + MI left
- $547,534
- First ends
- Oct 2040
New loan
New conventional
$3,808/mo
+$1,648/mo- Down payment
- $51,220
- Funds due
- $62,248
- Interest + MI left
- $672,274
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,780 | $164,780 | $459,780 |
| Second mortgage | — | $295,000 | — |
| First P&I | $1,377.19 | $1,377.19 | $3,114.71 |
| Second P&I | — | $2,113.42 | — |
| Mortgage insurance | $181.72 | $181.72 | $91.96 |
| Taxes, insurance & HOA | $601.00 | $601.00 | $601.00 |
| Total housing payment | $2,159.91 | $4,273.32 | $3,807.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,220
Closing costs & prepaids$14,564
Usable credit−$0
Total buyer cash needed$65,784
Earnest money paid−$0
Remaining funds due$65,784
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,110.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,303.00
Prepaid interest, first (5 days)$112.86
Prepaid interest, second (5 days)$313.18
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 closing13 yr 10 moOf the original 30-year loan at 5%
Interest already paid$175,409Through Dec 2026
Assumption only · ends Oct 2040$81,704
Assumption + second · ends Oct 2040, second Jan 2057$547,534
New conventional · ends Jan 2057$672,274