Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,063/mo
Lowest payment- Down payment
- $330,290
- Funds due
- $341,373
- Interest + MI left
- $32,910
- First ends
- Sep 2040
Assumption
Assumption + second
$3,141/mo
+$2,078/mo- Down payment
- $40,290
- Funds due
- $53,177
- Interest + MI left
- $490,845
- First ends
- Sep 2040
New loan
New conventional
$2,918/mo
+$1,855/mo- Down payment
- $40,290
- Funds due
- $49,726
- Interest + MI left
- $525,954
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,709 | $69,709 | $359,709 |
| Second mortgage | — | $290,000 | — |
| First P&I | $575.81 | $575.81 | $2,436.79 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | $78.28 | $78.28 | $71.94 |
| Taxes, insurance & HOA | $409.00 | $409.00 | $409.00 |
| Total housing payment | $1,063.09 | $3,140.69 | $2,917.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,290
Closing costs & prepaids$12,888
Usable credit−$0
Total buyer cash needed$53,177
Earnest money paid−$0
Remaining funds due$53,177
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$480.00
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$81.47
Prepaid interest, second (9 days)$554.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 4.74%
Interest already paid$71,482Through Dec 2026
Assumption only · ends Sep 2040$32,910
Assumption + second · ends Sep 2040, second Jan 2057$490,845
New conventional · ends Jan 2057$525,954