Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,437/mo
Lowest payment- Down payment
- $361,971
- Funds due
- $373,463
- Interest + MI left
- $1,184
- First ends
- Dec 2027
Assumption
Assumption + second
$3,758/mo
+$2,321/mo- Down payment
- $37,971
- Funds due
- $51,125
- Interest + MI left
- $512,808
- First ends
- Dec 2027
New loan
New conventional
$2,985/mo
+$1,548/mo- Down payment
- $37,971
- Funds due
- $47,665
- Interest + MI left
- $485,415
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,029 | $8,029 | $332,029 |
| Second mortgage | — | $324,000 | — |
| First P&I | $695.75 | $695.75 | $2,249.28 |
| Second P&I | — | $2,321.18 | — |
| Mortgage insurance | $72.03 | $72.03 | $66.41 |
| Taxes, insurance & HOA | $669.00 | $669.00 | $669.00 |
| Total housing payment | $1,436.78 | $3,757.96 | $2,984.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,971
Closing costs & prepaids$13,154
Usable credit−$0
Total buyer cash needed$51,125
Earnest money paid−$0
Remaining funds due$51,125
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$1,113.00
Prepaid interest, first (6 days)$9.61
Prepaid interest, second (6 days)$412.77
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 closing1 yrOf the original 30-year loan at 7.28%
Interest already paid$148,465Through Dec 2026
Assumption only · ends Dec 2027$1,184
Assumption + second · ends Dec 2027, second Jan 2057$512,808
New conventional · ends Jan 2057$485,415