Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,553/mo
Lowest payment- Down payment
- $350,610
- Funds due
- $361,460
- Interest + MI left
- $1,827
- First ends
- Jun 2028
Assumption
Assumption + second
$3,796/mo
+$2,242/mo- Down payment
- $37,610
- Funds due
- $50,043
- Interest + MI left
- $496,080
- First ends
- Jun 2028
New loan
New conventional
$2,767/mo
+$1,214/mo- Down payment
- $37,610
- Funds due
- $46,602
- Interest + MI left
- $483,019
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,390 | $17,390 | $330,390 |
| Second mortgage | — | $313,000 | — |
| First P&I | $987.34 | $987.34 | $2,238.18 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | $102.98 | $102.98 | $66.08 |
| Taxes, insurance & HOA | $462.83 | $462.83 | $462.83 |
| Total housing payment | $1,553.16 | $3,795.53 | $2,767.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,610
Closing costs & prepaids$12,432
Usable credit−$0
Total buyer cash needed$50,043
Earnest money paid−$0
Remaining funds due$50,043
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,680.00
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)$938.50
Prepaid interest, first (5 days)$6.57
Prepaid interest, second (5 days)$332.29
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 2.76%
Interest already paid$31,949Through Dec 2026
Assumption only · ends Jun 2028$1,827
Assumption + second · ends Jun 2028, second Jan 2057$496,080
New conventional · ends Jan 2057$483,019