Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,575/mo
Lowest payment- Down payment
- $367,810
- Funds due
- $380,160
- Interest + MI left
- $1,095
- First ends
- Jan 2028
Assumption
Assumption + second
$3,939/mo
+$2,364/mo- Down payment
- $37,810
- Funds due
- $51,831
- Interest + MI left
- $522,193
- First ends
- Jan 2028
New loan
New conventional
$3,291/mo
+$1,716/mo- Down payment
- $37,810
- Funds due
- $48,374
- Interest + MI left
- $492,881
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,090 | $7,090 | $337,090 |
| Second mortgage | — | $330,000 | — |
| First P&I | $561.89 | $561.89 | $2,283.57 |
| Second P&I | — | $2,364.16 | — |
| Mortgage insurance | $72.89 | $72.89 | $67.42 |
| Taxes, insurance & HOA | $940.00 | $940.00 | $940.00 |
| Total housing payment | $1,574.79 | $3,938.95 | $3,290.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,810
Closing costs & prepaids$14,020
Usable credit−$0
Total buyer cash needed$51,831
Earnest money paid−$0
Remaining funds due$51,831
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$450.00
Initial HOA (3 months)$1,920.00
Prepaid interest, first (6 days)$6.00
Prepaid interest, second (6 days)$420.41
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 1 moOf the original 30-year loan at 5.15%
Interest already paid$99,161Through Dec 2026
Assumption only · ends Jan 2028$1,095
Assumption + second · ends Jan 2028, second Jan 2057$522,193
New conventional · ends Jan 2057$492,881