Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,303/mo
Lowest payment- Down payment
- $328,492
- Funds due
- $338,791
- Interest + MI left
- $6,700
- First ends
- Mar 2030
Assumption
Assumption + second
$3,395/mo
+$2,092/mo- Down payment
- $36,492
- Funds due
- $48,413
- Interest + MI left
- $467,793
- First ends
- Mar 2030
New loan
New conventional
$2,550/mo
+$1,247/mo- Down payment
- $36,492
- Funds due
- $44,966
- Interest + MI left
- $473,022
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $31,508 | $31,508 | $323,508 |
| Second mortgage | — | $292,000 | — |
| First P&I | $921.02 | $921.02 | $2,191.56 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | $88.41 | $88.41 | $64.70 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $1,303.43 | $3,395.35 | $2,550.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,492
Closing costs & prepaids$11,921
Usable credit−$0
Total buyer cash needed$48,413
Earnest money paid−$0
Remaining funds due$48,413
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Prepaid interest, first (6 days)$41.75
Prepaid interest, second (6 days)$372.00
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 closing3 yr 3 moOf the original 30-year loan at 8.06%
Interest already paid$202,348Through Dec 2026
Assumption only · ends Mar 2030$6,700
Assumption + second · ends Mar 2030, second Jan 2057$467,793
New conventional · ends Jan 2057$473,022