Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,056/mo
Lowest payment- Down payment
- $340,276
- Funds due
- $351,075
- Interest + MI left
- $6,816
- First ends
- Dec 2030
Assumption
Assumption + second
$4,191/mo
+$2,135/mo- Down payment
- $42,276
- Funds due
- $54,452
- Interest + MI left
- $477,383
- First ends
- Dec 2030
New loan
New conventional
$2,961/mo
+$905/mo- Down payment
- $42,276
- Funds due
- $50,993
- Interest + MI left
- $572,692
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,624 | $79,624 | $377,624 |
| Second mortgage | — | $298,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $2,614.59 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | $56.40 | $56.40 | $75.52 |
| Taxes, insurance & HOA | $270.83 | $270.83 | $270.83 |
| Total housing payment | $2,055.81 | $4,190.72 | $2,960.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,276
Closing costs & prepaids$12,176
Usable credit−$0
Total buyer cash needed$54,452
Earnest money paid−$0
Remaining funds due$54,452
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$362.50
Prepaid interest, first (2 days)$13.09
Prepaid interest, second (2 days)$126.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 1 moOf the original 30-year loan at 3.000%
Interest already paid$207,212Through Nov 2026
Assumption only · ends Dec 2030$6,816
Assumption + second · ends Dec 2030, second Dec 2056$477,383
New conventional · ends Dec 2056$572,692