Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,278/mo
Lowest payment- Down payment
- $322,575
- Funds due
- $333,064
- Interest + MI left
- $9,183
- First ends
- Apr 2031
Assumption
Assumption + second
$3,327/mo
+$2,049/mo- Down payment
- $36,575
- Funds due
- $48,435
- Interest + MI left
- $460,801
- First ends
- Apr 2031
New loan
New conventional
$2,671/mo
+$1,392/mo- Down payment
- $36,575
- Funds due
- $45,015
- Interest + MI left
- $490,431
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $37,425 | $37,425 | $323,425 |
| Second mortgage | — | $286,000 | — |
| First P&I | $824.53 | $824.53 | $2,239.33 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | $86.99 | $86.99 | $64.69 |
| Taxes, insurance & HOA | $366.58 | $366.58 | $366.58 |
| Total housing payment | $1,278.11 | $3,327.04 | $2,670.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,575
Closing costs & prepaids$11,861
Usable credit−$0
Total buyer cash needed$48,435
Earnest money paid−$0
Remaining funds due$48,435
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)$349.75
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$14.54
Prepaid interest, second (2 days)$121.45
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 7.090%
Interest already paid$167,741Through Nov 2026
Assumption only · ends Apr 2031$9,183
Assumption + second · ends Apr 2031, second Dec 2056$460,801
New conventional · ends Dec 2056$490,431