Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,198/mo
Lowest payment- Down payment
- $345,750
- Funds due
- $356,973
- Interest + MI left
- $43,337
- First ends
- Oct 2040
Assumption
Assumption + second
$3,354/mo
+$2,156/mo- Down payment
- $44,750
- Funds due
- $57,606
- Interest + MI left
- $518,641
- First ends
- Oct 2040
New loan
New conventional
$3,082/mo
+$1,884/mo- Down payment
- $44,750
- Funds due
- $54,121
- Interest + MI left
- $577,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,150 | $94,150 | $395,150 |
| Second mortgage | — | $301,000 | — |
| First P&I | $765.78 | $765.78 | $2,676.88 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | $106.30 | $106.30 | $79.03 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $1,198.08 | $3,354.48 | $3,081.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,750
Closing costs & prepaids$12,856
Usable credit−$0
Total buyer cash needed$57,606
Earnest money paid−$0
Remaining funds due$57,606
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$528.00
Prepaid interest, first (6 days)$70.57
Prepaid interest, second (6 days)$383.47
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 10 moOf the original 30-year loan at 4.56%
Interest already paid$92,634Through Dec 2026
Assumption only · ends Oct 2040$43,337
Assumption + second · ends Oct 2040, second Jan 2057$518,641
New conventional · ends Jan 2057$577,696