Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$789/mo
Lowest payment- Down payment
- $350,494
- Funds due
- $360,656
- Interest + MI left
- $1,430
- First ends
- Aug 2028
Assumption
Assumption + second
$3,039/mo
+$2,250/mo- Down payment
- $36,494
- Funds due
- $48,039
- Interest + MI left
- $497,262
- First ends
- Aug 2028
New loan
New conventional
$2,565/mo
+$1,776/mo- Down payment
- $36,494
- Funds due
- $44,618
- Interest + MI left
- $490,402
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,406 | $9,406 | $323,406 |
| Second mortgage | — | $314,000 | — |
| First P&I | $477.78 | $477.78 | $2,239.20 |
| Second P&I | — | $2,249.53 | — |
| Mortgage insurance | $50.16 | $50.16 | $64.68 |
| Taxes, insurance & HOA | $261.25 | $261.25 | $261.25 |
| Total housing payment | $789.18 | $3,038.72 | $2,565.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,494
Closing costs & prepaids$11,545
Usable credit−$0
Total buyer cash needed$48,039
Earnest money paid−$0
Remaining funds due$48,039
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)$333.75
Prepaid interest, first (2 days)$3.68
Prepaid interest, second (2 days)$133.34
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 closing1 yr 9 moOf the original 30-year loan at 7.140%
Interest already paid$100,562Through Nov 2026
Assumption only · ends Aug 2028$1,430
Assumption + second · ends Aug 2028, second Dec 2056$497,262
New conventional · ends Dec 2056$490,402