Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$953/mo
Lowest payment- Down payment
- $329,090
- Funds due
- $339,193
- Interest + MI left
- $3,105
- First ends
- Dec 2031
Assumption
Assumption + second
$3,045/mo
+$2,092/mo- Down payment
- $37,090
- Funds due
- $48,567
- Interest + MI left
- $464,198
- First ends
- Dec 2031
New loan
New conventional
$2,580/mo
+$1,628/mo- Down payment
- $37,090
- Funds due
- $45,156
- Interest + MI left
- $504,880
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $40,910 | $40,910 | $332,910 |
| Second mortgage | — | $292,000 | — |
| First P&I | $688.13 | $688.13 | $2,305.00 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | $55.64 | $55.64 | $66.58 |
| Taxes, insurance & HOA | $208.83 | $208.83 | $208.83 |
| Total housing payment | $952.60 | $3,044.53 | $2,580.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,090
Closing costs & prepaids$11,478
Usable credit−$0
Total buyer cash needed$48,567
Earnest money paid−$0
Remaining funds due$48,567
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)$176.50
Prepaid interest, first (2 days)$2.24
Prepaid interest, second (2 days)$124.00
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 closing5 yr 1 moOf the original 10-year loan at 1.000%
Interest already paid$2,960Through Nov 2026
Assumption only · ends Dec 2031$3,105
Assumption + second · ends Dec 2031, second Dec 2056$464,198
New conventional · ends Dec 2056$504,880