Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,576/mo
Lowest payment- Down payment
- $357,350
- Funds due
- $368,288
- Interest + MI left
- $1,867
- First ends
- Jun 2028
Assumption
Assumption + second
$3,861/mo
+$2,285/mo- Down payment
- $38,350
- Funds due
- $50,877
- Interest + MI left
- $505,595
- First ends
- Jun 2028
New loan
New conventional
$2,817/mo
+$1,241/mo- Down payment
- $38,350
- Funds due
- $47,429
- Interest + MI left
- $492,171
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,650 | $17,650 | $336,650 |
| Second mortgage | — | $319,000 | — |
| First P&I | $1,004.04 | $1,004.04 | $2,280.58 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | $102.98 | $102.98 | $67.33 |
| Taxes, insurance & HOA | $468.75 | $468.75 | $468.75 |
| Total housing payment | $1,575.77 | $3,861.13 | $2,816.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,350
Closing costs & prepaids$12,527
Usable credit−$0
Total buyer cash needed$50,877
Earnest money paid−$0
Remaining funds due$50,877
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$956.25
Prepaid interest, first (5 days)$7.25
Prepaid interest, second (5 days)$338.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6 moOf the original 15-year loan at 3%
Interest already paid$34,914Through Dec 2026
Assumption only · ends Jun 2028$1,867
Assumption + second · ends Jun 2028, second Jan 2057$505,595
New conventional · ends Jan 2057$492,171