Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,148/mo
Lowest payment- Down payment
- $300,454
- Funds due
- $310,827
- Interest + MI left
- $1,360
- First ends
- May 2028
Assumption
Assumption + second
$3,076/mo
+$1,927/mo- Down payment
- $31,454
- Funds due
- $43,591
- Interest + MI left
- $426,134
- First ends
- May 2028
New loan
New conventional
$2,437/mo
+$1,288/mo- Down payment
- $31,454
- Funds due
- $40,190
- Interest + MI left
- $407,280
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,546 | $9,546 | $278,546 |
| Second mortgage | — | $269,000 | — |
| First P&I | $591.66 | $591.66 | $1,886.97 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | $62.74 | $62.74 | $55.71 |
| Taxes, insurance & HOA | $494.00 | $494.00 | $494.00 |
| Total housing payment | $1,148.40 | $3,075.55 | $2,436.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,454
Closing costs & prepaids$12,138
Usable credit−$0
Total buyer cash needed$43,591
Earnest money paid−$0
Remaining funds due$43,591
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Initial HOA (3 months)$660.00
Prepaid interest, first (9 days)$16.57
Prepaid interest, second (9 days)$514.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7.04%
Interest already paid$123,913Through Dec 2026
Assumption only · ends May 2028$1,360
Assumption + second · ends May 2028, second Jan 2057$426,134
New conventional · ends Jan 2057$407,280