Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,436/mo
Lowest payment- Down payment
- $394,364
- Funds due
- $406,289
- Interest + MI left
- $67
- First ends
- Jan 2027
Assumption
Assumption + second
$3,972/mo
+$2,536/mo- Down payment
- $40,364
- Funds due
- $53,990
- Interest + MI left
- $559,063
- First ends
- Jan 2027
New loan
New conventional
$3,206/mo
+$1,770/mo- Down payment
- $40,364
- Funds due
- $50,503
- Interest + MI left
- $518,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $636 | $636 | $354,636 |
| Second mortgage | — | $354,000 | — |
| First P&I | $639.81 | $639.81 | $2,402.43 |
| Second P&I | — | $2,536.10 | — |
| Mortgage insurance | $63.08 | $63.08 | $70.93 |
| Taxes, insurance & HOA | $733.00 | $733.00 | $733.00 |
| Total housing payment | $1,435.89 | $3,971.99 | $3,206.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,364
Closing costs & prepaids$13,626
Usable credit−$0
Total buyer cash needed$53,990
Earnest money paid−$0
Remaining funds due$53,990
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$1,275.00
Prepaid interest, first (6 days)$0.81
Prepaid interest, second (6 days)$450.99
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 moOf the original 30-year loan at 7.78%
Interest already paid$141,278Through Dec 2026
Assumption only · ends Jan 2027$67
Assumption + second · ends Jan 2027, second Jan 2057$559,063
New conventional · ends Jan 2057$518,466