Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,188/mo
Lowest payment- Down payment
- $313,500
- Funds due
- $323,934
- Interest + MI left
- $9,647
- First ends
- Oct 2031
Assumption
Assumption + second
$3,179/mo
+$1,992/mo- Down payment
- $35,500
- Funds due
- $47,715
- Interest + MI left
- $448,632
- First ends
- Oct 2031
New loan
New conventional
$2,558/mo
+$1,370/mo- Down payment
- $35,500
- Funds due
- $44,271
- Interest + MI left
- $459,705
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $36,400 | $36,400 | $314,400 |
| Second mortgage | — | $278,000 | — |
| First P&I | $745.14 | $745.14 | $2,129.86 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | $77.68 | $77.68 | $62.88 |
| Taxes, insurance & HOA | $365.00 | $365.00 | $365.00 |
| Total housing payment | $1,187.82 | $3,179.45 | $2,557.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,500
Closing costs & prepaids$12,215
Usable credit−$0
Total buyer cash needed$47,715
Earnest money paid−$0
Remaining funds due$47,715
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$64.71
Prepaid interest, second (9 days)$531.25
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 10 moOf the original 30-year loan at 7.21%
Interest already paid$151,767Through Dec 2026
Assumption only · ends Oct 2031$9,647
Assumption + second · ends Oct 2031, second Jan 2057$448,632
New conventional · ends Jan 2057$459,705