Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$763/mo
Lowest payment- Down payment
- $341,633
- Funds due
- $351,728
- Interest + MI left
- $434
- First ends
- Aug 2027
Assumption
Assumption + second
$2,963/mo
+$2,199/mo- Down payment
- $34,633
- Funds due
- $46,565
- Interest + MI left
- $485,213
- First ends
- Aug 2027
New loan
New conventional
$2,453/mo
+$1,689/mo- Down payment
- $34,633
- Funds due
- $43,125
- Interest + MI left
- $453,808
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,367 | $3,367 | $310,367 |
| Second mortgage | — | $307,000 | — |
| First P&I | $433.90 | $433.90 | $2,102.53 |
| Second P&I | — | $2,199.39 | — |
| Mortgage insurance | $41.30 | $41.30 | $62.07 |
| Taxes, insurance & HOA | $288.00 | $288.00 | $288.00 |
| Total housing payment | $763.19 | $2,962.58 | $2,452.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,633
Closing costs & prepaids$11,932
Usable credit−$0
Total buyer cash needed$46,565
Earnest money paid−$0
Remaining funds due$46,565
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Prepaid interest, first (9 days)$6.77
Prepaid interest, second (9 days)$586.66
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 closing8 moOf the original 30-year loan at 8.15%
Interest already paid$97,799Through Dec 2026
Assumption only · ends Aug 2027$434
Assumption + second · ends Aug 2027, second Jan 2057$485,213
New conventional · ends Jan 2057$453,808