Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,091/mo
Lowest payment- Down payment
- $329,990
- Funds due
- $341,086
- Interest + MI left
- $33,237
- First ends
- Sep 2040
Assumption
Assumption + second
$3,162/mo
+$2,070/mo- Down payment
- $40,990
- Funds due
- $53,397
- Interest + MI left
- $489,592
- First ends
- Sep 2040
New loan
New conventional
$2,995/mo
+$1,903/mo- Down payment
- $40,990
- Funds due
- $49,939
- Interest + MI left
- $544,390
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,009 | $70,009 | $359,009 |
| Second mortgage | — | $289,000 | — |
| First P&I | $575.81 | $575.81 | $2,485.71 |
| Second P&I | — | $2,070.43 | — |
| Mortgage insurance | $78.28 | $78.28 | $71.80 |
| Taxes, insurance & HOA | $437.08 | $437.08 | $437.08 |
| Total housing payment | $1,091.17 | $3,161.61 | $2,994.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,990
Closing costs & prepaids$12,407
Usable credit−$0
Total buyer cash needed$53,397
Earnest money paid−$0
Remaining funds due$53,397
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)$564.25
Initial HOA (3 months)$297.00
Prepaid interest, first (1 days)$9.09
Prepaid interest, second (1 days)$61.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4.740%
Interest already paid$71,205Through Nov 2026
Assumption only · ends Sep 2040$33,237
Assumption + second · ends Sep 2040, second Dec 2056$489,592
New conventional · ends Dec 2056$544,390