Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,177/mo
Lowest payment- Down payment
- $345,904
- Funds due
- $356,050
- Interest + MI left
- $439
- First ends
- May 2027
Assumption
Assumption + second
$3,398/mo
+$2,221/mo- Down payment
- $35,904
- Funds due
- $47,695
- Interest + MI left
- $489,956
- First ends
- May 2027
New loan
New conventional
$2,480/mo
+$1,303/mo- Down payment
- $35,904
- Funds due
- $44,260
- Interest + MI left
- $459,051
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,996 | $3,996 | $313,996 |
| Second mortgage | — | $310,000 | — |
| First P&I | $805.55 | $805.55 | $2,127.12 |
| Second P&I | — | $2,220.88 | — |
| Mortgage insurance | $81.49 | $81.49 | $62.80 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,177.04 | $3,397.91 | $2,479.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,904
Closing costs & prepaids$11,791
Usable credit−$0
Total buyer cash needed$47,695
Earnest money paid−$0
Remaining funds due$47,695
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)$420.00
Prepaid interest, first (6 days)$2.10
Prepaid interest, second (6 days)$394.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing5 moOf the original 15-year loan at 3.2%
Interest already paid$29,928Through Dec 2026
Assumption only · ends May 2027$439
Assumption + second · ends May 2027, second Jan 2057$489,956
New conventional · ends Jan 2057$459,051