Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,401/mo
Lowest payment- Down payment
- $391,948
- Funds due
- $403,067
- Interest + MI left
- $9,019
- First ends
- Sep 2030
Assumption
Assumption + second
$3,894/mo
+$2,493/mo- Down payment
- $43,948
- Funds due
- $56,982
- Interest + MI left
- $558,540
- First ends
- Sep 2030
New loan
New conventional
$3,014/mo
+$1,614/mo- Down payment
- $43,948
- Funds due
- $53,433
- Interest + MI left
- $564,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $38,052 | $38,052 | $386,052 |
| Second mortgage | — | $348,000 | — |
| First P&I | $985.47 | $985.47 | $2,615.25 |
| Second P&I | — | $2,493.11 | — |
| Mortgage insurance | $93.18 | $93.18 | $77.21 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $1,400.65 | $3,893.76 | $3,014.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,948
Closing costs & prepaids$13,033
Usable credit−$0
Total buyer cash needed$56,982
Earnest money paid−$0
Remaining funds due$56,982
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)$516.00
Prepaid interest, first (9 days)$77.12
Prepaid interest, second (9 days)$665.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 8.22%
Interest already paid$216,932Through Dec 2026
Assumption only · ends Sep 2030$9,019
Assumption + second · ends Sep 2030, second Jan 2057$558,540
New conventional · ends Jan 2057$564,395