Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,150/mo
Lowest payment- Down payment
- $312,977
- Funds due
- $323,240
- Interest + MI left
- $9,919
- First ends
- Oct 2031
Assumption
Assumption + second
$3,135/mo
+$1,984/mo- Down payment
- $35,977
- Funds due
- $47,549
- Interest + MI left
- $447,325
- First ends
- Oct 2031
New loan
New conventional
$2,564/mo
+$1,414/mo- Down payment
- $35,977
- Funds due
- $44,137
- Interest + MI left
- $475,960
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $36,923 | $36,923 | $313,923 |
| Second mortgage | — | $277,000 | — |
| First P&I | $745.14 | $745.14 | $2,173.54 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | $77.68 | $77.68 | $62.78 |
| Taxes, insurance & HOA | $327.42 | $327.42 | $327.42 |
| Total housing payment | $1,150.24 | $3,134.70 | $2,563.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,977
Closing costs & prepaids$11,572
Usable credit−$0
Total buyer cash needed$47,549
Earnest money paid−$0
Remaining funds due$47,549
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)$307.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$7.29
Prepaid interest, second (1 days)$58.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 7.210%
Interest already paid$151,545Through Nov 2026
Assumption only · ends Oct 2031$9,919
Assumption + second · ends Oct 2031, second Dec 2056$447,325
New conventional · ends Dec 2056$475,960