Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,316/mo
Lowest payment- Down payment
- $391,229
- Funds due
- $402,032
- Interest + MI left
- $9,345
- First ends
- Sep 2030
Assumption
Assumption + second
$3,809/mo
+$2,493/mo- Down payment
- $43,229
- Funds due
- $55,430
- Interest + MI left
- $558,866
- First ends
- Sep 2030
New loan
New conventional
$2,992/mo
+$1,677/mo- Down payment
- $43,229
- Funds due
- $51,940
- Interest + MI left
- $586,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $38,771 | $38,771 | $386,771 |
| Second mortgage | — | $348,000 | — |
| First P&I | $985.47 | $985.47 | $2,677.92 |
| Second P&I | — | $2,493.11 | — |
| Mortgage insurance | $93.18 | $93.18 | $77.35 |
| Taxes, insurance & HOA | $237.17 | $237.17 | $237.17 |
| Total housing payment | $1,315.82 | $3,808.93 | $2,992.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,229
Closing costs & prepaids$12,202
Usable credit−$0
Total buyer cash needed$55,430
Earnest money paid−$0
Remaining funds due$55,430
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$261.50
Prepaid interest, first (2 days)$17.46
Prepaid interest, second (2 days)$147.78
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 closing3 yr 10 moOf the original 30-year loan at 8.220%
Interest already paid$216,666Through Nov 2026
Assumption only · ends Sep 2030$9,345
Assumption + second · ends Sep 2030, second Dec 2056$558,866
New conventional · ends Dec 2056$586,564