Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$835/mo
Lowest payment- Down payment
- $341,258
- Funds due
- $351,154
- Interest + MI left
- $1,221
- First ends
- Mar 2028
Assumption
Assumption + second
$3,027/mo
+$2,192/mo- Down payment
- $35,258
- Funds due
- $46,469
- Interest + MI left
- $484,421
- First ends
- Mar 2028
New loan
New conventional
$2,448/mo
+$1,614/mo- Down payment
- $35,258
- Funds due
- $43,064
- Interest + MI left
- $477,176
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,642 | $8,642 | $314,642 |
| Second mortgage | — | $306,000 | — |
| First P&I | $567.59 | $567.59 | $2,178.52 |
| Second P&I | — | $2,192.22 | — |
| Mortgage insurance | $60.01 | $60.01 | $62.93 |
| Taxes, insurance & HOA | $206.92 | $206.92 | $206.92 |
| Total housing payment | $834.51 | $3,026.74 | $2,448.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,258
Closing costs & prepaids$11,211
Usable credit−$0
Total buyer cash needed$46,469
Earnest money paid−$0
Remaining funds due$46,469
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)$170.75
Prepaid interest, first (1 days)$1.67
Prepaid interest, second (1 days)$64.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 7.070%
Interest already paid$119,180Through Nov 2026
Assumption only · ends Mar 2028$1,221
Assumption + second · ends Mar 2028, second Dec 2056$484,421
New conventional · ends Dec 2056$477,176