Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$325/mo
Lowest payment- Down payment
- $335,693
- Funds due
- $345,528
- Interest + MI left
- $1,136
- First ends
- Apr 2031
Assumption
Assumption + second
$2,482/mo
+$2,156/mo- Down payment
- $34,693
- Funds due
- $45,906
- Interest + MI left
- $476,440
- First ends
- Apr 2031
New loan
New conventional
$2,394/mo
+$2,069/mo- Down payment
- $34,693
- Funds due
- $42,503
- Interest + MI left
- $462,956
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $4,306 | $4,306 | $305,306 |
| Second mortgage | — | $301,000 | — |
| First P&I | $96.77 | $96.77 | $2,113.88 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | $9.31 | $9.31 | $61.06 |
| Taxes, insurance & HOA | $219.42 | $219.42 | $219.42 |
| Total housing payment | $325.50 | $2,481.90 | $2,394.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,693
Closing costs & prepaids$11,213
Usable credit−$0
Total buyer cash needed$45,906
Earnest money paid−$0
Remaining funds due$45,906
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.99
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)$208.25
Prepaid interest, first (2 days)$1.89
Prepaid interest, second (2 days)$127.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8.030%
Interest already paid$20,863Through Nov 2026
Assumption only · ends Apr 2031$1,136
Assumption + second · ends Apr 2031, second Dec 2056$476,440
New conventional · ends Dec 2056$462,956