Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$822/mo
Lowest payment- Down payment
- $350,916
- Funds due
- $361,188
- Interest + MI left
- $1,340
- First ends
- Aug 2028
Assumption
Assumption + second
$3,071/mo
+$2,250/mo- Down payment
- $36,916
- Funds due
- $49,038
- Interest + MI left
- $497,172
- First ends
- Aug 2028
New loan
New conventional
$2,547/mo
+$1,725/mo- Down payment
- $36,916
- Funds due
- $45,575
- Interest + MI left
- $472,191
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,984 | $8,984 | $322,984 |
| Second mortgage | — | $314,000 | — |
| First P&I | $477.78 | $477.78 | $2,188.01 |
| Second P&I | — | $2,249.53 | — |
| Mortgage insurance | $50.16 | $50.16 | $64.60 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $821.93 | $3,071.47 | $2,546.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,916
Closing costs & prepaids$12,122
Usable credit−$0
Total buyer cash needed$49,038
Earnest money paid−$0
Remaining funds due$49,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Prepaid interest, first (9 days)$15.82
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 closing1 yr 8 moOf the original 30-year loan at 7.14%
Interest already paid$100,618Through Dec 2026
Assumption only · ends Aug 2028$1,340
Assumption + second · ends Aug 2028, second Jan 2057$497,172
New conventional · ends Jan 2057$472,191