Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$918/mo
Lowest payment- Down payment
- $341,774
- Funds due
- $351,933
- Interest + MI left
- $1,146
- First ends
- Mar 2028
Assumption
Assumption + second
$3,110/mo
+$2,192/mo- Down payment
- $35,774
- Funds due
- $47,767
- Interest + MI left
- $484,345
- First ends
- Mar 2028
New loan
New conventional
$2,481/mo
+$1,563/mo- Down payment
- $35,774
- Funds due
- $44,316
- Interest + MI left
- $459,241
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,126 | $8,126 | $314,126 |
| Second mortgage | — | $306,000 | — |
| First P&I | $567.59 | $567.59 | $2,128.00 |
| Second P&I | — | $2,192.22 | — |
| Mortgage insurance | $60.01 | $60.01 | $62.83 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $917.60 | $3,109.82 | $2,480.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,774
Closing costs & prepaids$11,993
Usable credit−$0
Total buyer cash needed$47,767
Earnest money paid−$0
Remaining funds due$47,767
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Prepaid interest, first (9 days)$14.17
Prepaid interest, second (9 days)$584.75
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 closing1 yr 3 moOf the original 30-year loan at 7.07%
Interest already paid$119,231Through Dec 2026
Assumption only · ends Mar 2028$1,146
Assumption + second · ends Mar 2028, second Jan 2057$484,345
New conventional · ends Jan 2057$459,241