Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$860/mo
Lowest payment- Down payment
- $376,890
- Funds due
- $387,436
- Interest + MI left
- $1,155
- First ends
- May 2028
Assumption
Assumption + second
$3,281/mo
+$2,421/mo- Down payment
- $38,890
- Funds due
- $51,117
- Interest + MI left
- $534,886
- First ends
- May 2028
New loan
New conventional
$2,718/mo
+$1,858/mo- Down payment
- $38,890
- Funds due
- $47,647
- Interest + MI left
- $506,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,110 | $8,110 | $346,110 |
| Second mortgage | — | $338,000 | — |
| First P&I | $502.83 | $502.83 | $2,344.67 |
| Second P&I | — | $2,421.47 | — |
| Mortgage insurance | $53.05 | $53.05 | $69.22 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $859.89 | $3,281.36 | $2,717.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,890
Closing costs & prepaids$12,227
Usable credit−$0
Total buyer cash needed$51,117
Earnest money paid−$0
Remaining funds due$51,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Prepaid interest, first (6 days)$9.45
Prepaid interest, second (6 days)$430.60
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 5 moOf the original 30-year loan at 7.09%
Interest already paid$105,684Through Dec 2026
Assumption only · ends May 2028$1,155
Assumption + second · ends May 2028, second Jan 2057$534,886
New conventional · ends Jan 2057$506,070