Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,555/mo
Lowest payment- Down payment
- $289,753
- Funds due
- $300,546
- Interest + MI left
- $1,354
- First ends
- Dec 2027
Assumption
Assumption + second
$3,411/mo
+$1,856/mo- Down payment
- $30,753
- Funds due
- $43,181
- Interest + MI left
- $410,337
- First ends
- Dec 2027
New loan
New conventional
$2,542/mo
+$987/mo- Down payment
- $30,753
- Funds due
- $39,795
- Interest + MI left
- $392,168
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,247 | $9,247 | $268,247 |
| Second mortgage | — | $259,000 | — |
| First P&I | $802.37 | $802.37 | $1,817.20 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | $81.05 | $81.05 | $53.65 |
| Taxes, insurance & HOA | $671.58 | $671.58 | $671.58 |
| Total housing payment | $1,555.00 | $3,410.51 | $2,542.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,753
Closing costs & prepaids$12,428
Usable credit−$0
Total buyer cash needed$43,181
Earnest money paid−$0
Remaining funds due$43,181
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Initial HOA (3 months)$1,206.00
Prepaid interest, first (7 days)$13.35
Prepaid interest, second (7 days)$384.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 yrOf the original 30-year loan at 7.53%
Interest already paid$174,055Through Dec 2026
Assumption only · ends Dec 2027$1,354
Assumption + second · ends Dec 2027, second Jan 2057$410,337
New conventional · ends Jan 2057$392,168