Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,257/mo
Lowest payment- Down payment
- $328,700
- Funds due
- $340,056
- Interest + MI left
- $40,720
- First ends
- Dec 2040
Assumption
Assumption + second
$3,306/mo
+$2,049/mo- Down payment
- $42,700
- Funds due
- $55,853
- Interest + MI left
- $492,338
- First ends
- Dec 2040
New loan
New conventional
$3,059/mo
+$1,803/mo- Down payment
- $42,700
- Funds due
- $52,400
- Interest + MI left
- $551,600
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,300 | $91,300 | $377,300 |
| Second mortgage | — | $286,000 | — |
| First P&I | $725.21 | $725.21 | $2,555.96 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | $103.56 | $103.56 | $75.46 |
| Taxes, insurance & HOA | $428.00 | $428.00 | $428.00 |
| Total housing payment | $1,256.76 | $3,305.70 | $3,059.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,700
Closing costs & prepaids$13,153
Usable credit−$0
Total buyer cash needed$55,853
Earnest money paid−$0
Remaining funds due$55,853
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$97.25
Prepaid interest, second (9 days)$546.53
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 closing14 yrOf the original 30-year loan at 4.32%
Interest already paid$84,342Through Dec 2026
Assumption only · ends Dec 2040$40,720
Assumption + second · ends Dec 2040, second Jan 2057$492,338
New conventional · ends Jan 2057$551,600