Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$676/mo
Lowest payment- Down payment
- $351,224
- Funds due
- $361,154
- Interest + MI left
- $501
- First ends
- Aug 2027
Assumption
Assumption + second
$2,933/mo
+$2,257/mo- Down payment
- $36,224
- Funds due
- $47,538
- Interest + MI left
- $497,913
- First ends
- Aug 2027
New loan
New conventional
$2,472/mo
+$1,796/mo- Down payment
- $36,224
- Funds due
- $44,119
- Interest + MI left
- $483,381
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,776 | $3,776 | $318,776 |
| Second mortgage | — | $315,000 | — |
| First P&I | $433.90 | $433.90 | $2,207.14 |
| Second P&I | — | $2,256.70 | — |
| Mortgage insurance | $41.30 | $41.30 | $63.76 |
| Taxes, insurance & HOA | $201.08 | $201.08 | $201.08 |
| Total housing payment | $676.28 | $2,932.97 | $2,471.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,224
Closing costs & prepaids$11,314
Usable credit−$0
Total buyer cash needed$47,538
Earnest money paid−$0
Remaining funds due$47,538
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$153.25
Prepaid interest, first (2 days)$1.69
Prepaid interest, second (2 days)$133.77
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 closing9 moOf the original 30-year loan at 8.150%
Interest already paid$97,773Through Nov 2026
Assumption only · ends Aug 2027$501
Assumption + second · ends Aug 2027, second Dec 2056$497,913
New conventional · ends Dec 2056$483,381