Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,801/mo
Lowest payment- Down payment
- $257,485
- Funds due
- $268,796
- Interest + MI left
- $66,710
- First ends
- Oct 2040
Assumption
Assumption + second
$3,356/mo
+$1,555/mo- Down payment
- $40,485
- Funds due
- $53,277
- Interest + MI left
- $409,371
- First ends
- Oct 2040
New loan
New conventional
$2,982/mo
+$1,181/mo- Down payment
- $40,485
- Funds due
- $49,852
- Interest + MI left
- $522,675
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,515 | $140,515 | $357,515 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,155.72 | $1,155.72 | $2,421.93 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $157.11 | $157.11 | $71.50 |
| Taxes, insurance & HOA | $488.33 | $488.33 | $488.33 |
| Total housing payment | $1,801.17 | $3,355.78 | $2,981.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,485
Closing costs & prepaids$12,792
Usable credit−$0
Total buyer cash needed$53,277
Earnest money paid−$0
Remaining funds due$53,277
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,980.00
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)$1,015.00
Prepaid interest, first (5 days)$91.24
Prepaid interest, second (5 days)$230.38
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 4.74%
Interest already paid$142,917Through Dec 2026
Assumption only · ends Oct 2040$66,710
Assumption + second · ends Oct 2040, second Jan 2057$409,371
New conventional · ends Jan 2057$522,675