Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$726/mo
Lowest payment- Down payment
- $330,883
- Funds due
- $340,862
- Interest + MI left
- $748
- First ends
- Nov 2027
Assumption
Assumption + second
$2,854/mo
+$2,128/mo- Down payment
- $33,883
- Funds due
- $45,490
- Interest + MI left
- $469,736
- First ends
- Nov 2027
New loan
New conventional
$2,384/mo
+$1,658/mo- Down payment
- $33,883
- Funds due
- $42,077
- Interest + MI left
- $440,283
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $4,117 | $4,117 | $301,117 |
| Second mortgage | — | $297,000 | — |
| First P&I | $380.39 | $380.39 | $2,039.87 |
| Second P&I | — | $2,127.74 | — |
| Mortgage insurance | $61.91 | $61.91 | $60.22 |
| Taxes, insurance & HOA | $284.00 | $284.00 | $284.00 |
| Total housing payment | $726.30 | $2,854.05 | $2,384.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,883
Closing costs & prepaids$11,608
Usable credit−$0
Total buyer cash needed$45,490
Earnest money paid−$0
Remaining funds due$45,490
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Prepaid interest, first (6 days)$2.20
Prepaid interest, second (6 days)$378.37
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 closing11 moOf the original 30-year loan at 3.25%
Interest already paid$49,469Through Dec 2026
Assumption only · ends Nov 2027$748
Assumption + second · ends Nov 2027, second Jan 2057$469,736
New conventional · ends Jan 2057$440,283