Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,197/mo
Lowest payment- Down payment
- $373,076
- Funds due
- $383,858
- Interest + MI left
- $9,050
- First ends
- Apr 2031
Assumption
Assumption + second
$3,576/mo
+$2,378/mo- Down payment
- $41,076
- Funds due
- $53,179
- Interest + MI left
- $533,305
- First ends
- Apr 2031
New loan
New conventional
$2,928/mo
+$1,730/mo- Down payment
- $41,076
- Funds due
- $49,715
- Interest + MI left
- $559,346
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $36,824 | $36,824 | $368,824 |
| Second mortgage | — | $332,000 | — |
| First P&I | $811.62 | $811.62 | $2,553.66 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | $85.46 | $85.46 | $73.76 |
| Taxes, insurance & HOA | $300.25 | $300.25 | $300.25 |
| Total housing payment | $1,197.33 | $3,575.82 | $2,927.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,076
Closing costs & prepaids$12,102
Usable credit−$0
Total buyer cash needed$53,179
Earnest money paid−$0
Remaining funds due$53,179
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$450.75
Prepaid interest, first (1 days)$7.17
Prepaid interest, second (1 days)$70.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing4 yr 5 moOf the original 30-year loan at 7.110%
Interest already paid$165,341Through Nov 2026
Assumption only · ends Apr 2031$9,050
Assumption + second · ends Apr 2031, second Dec 2056$533,305
New conventional · ends Dec 2056$559,346