Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,203/mo
Lowest payment- Down payment
- $353,770
- Funds due
- $364,426
- Interest + MI left
- $8,786
- First ends
- Apr 2031
Assumption
Assumption + second
$3,453/mo
+$2,250/mo- Down payment
- $39,770
- Funds due
- $52,276
- Interest + MI left
- $504,619
- First ends
- Apr 2031
New loan
New conventional
$2,749/mo
+$1,546/mo- Down payment
- $39,770
- Funds due
- $48,785
- Interest + MI left
- $512,024
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $36,230 | $36,230 | $350,230 |
| Second mortgage | — | $314,000 | — |
| First P&I | $811.62 | $811.62 | $2,372.58 |
| Second P&I | — | $2,249.53 | — |
| Mortgage insurance | $85.46 | $85.46 | $70.05 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,203.08 | $3,452.62 | $2,748.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,770
Closing costs & prepaids$12,507
Usable credit−$0
Total buyer cash needed$52,276
Earnest money paid−$0
Remaining funds due$52,276
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Prepaid interest, first (9 days)$63.52
Prepaid interest, second (9 days)$600.04
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 closing4 yr 4 moOf the original 30-year loan at 7.11%
Interest already paid$165,559Through Dec 2026
Assumption only · ends Apr 2031$8,786
Assumption + second · ends Apr 2031, second Jan 2057$504,619
New conventional · ends Jan 2057$512,024