Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$702/mo
Lowest payment- Down payment
- $329,482
- Funds due
- $340,543
- Interest + MI left
- $66
- First ends
- Mar 2028
Assumption
Assumption + second
$2,822/mo
+$2,121/mo- Down payment
- $33,482
- Funds due
- $46,170
- Interest + MI left
- $467,475
- First ends
- Mar 2028
New loan
New conventional
$2,730/mo
+$2,029/mo- Down payment
- $33,482
- Funds due
- $42,758
- Interest + MI left
- $433,558
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $518 | $518 | $296,518 |
| Second mortgage | — | $296,000 | — |
| First P&I | $35.91 | $35.91 | $2,008.72 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | $3.59 | $3.59 | $59.30 |
| Taxes, insurance & HOA | $662.00 | $662.00 | $662.00 |
| Total housing payment | $701.50 | $2,822.08 | $2,730.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,482
Closing costs & prepaids$12,689
Usable credit−$0
Total buyer cash needed$46,170
Earnest money paid−$0
Remaining funds due$46,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$1,140.00
Prepaid interest, first (6 days)$0.50
Prepaid interest, second (6 days)$377.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 20-year loan at 5.85%
Interest already paid$3,524Through Dec 2026
Assumption only · ends Mar 2028$66
Assumption + second · ends Mar 2028, second Jan 2057$467,475
New conventional · ends Jan 2057$433,558