Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$907/mo
Lowest payment- Down payment
- $276,675
- Funds due
- $286,314
- Interest + MI left
- $1,205
- First ends
- May 2028
Assumption
Assumption + second
$2,684/mo
+$1,777/mo- Down payment
- $28,675
- Funds due
- $40,038
- Interest + MI left
- $392,818
- First ends
- May 2028
New loan
New conventional
$2,122/mo
+$1,214/mo- Down payment
- $28,675
- Funds due
- $36,669
- Interest + MI left
- $374,790
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,325 | $8,325 | $256,325 |
| Second mortgage | — | $248,000 | — |
| First P&I | $510.50 | $510.50 | $1,736.43 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $62.99 | $62.99 | $51.26 |
| Taxes, insurance & HOA | $334.00 | $334.00 | $334.00 |
| Total housing payment | $907.49 | $2,684.19 | $2,121.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,675
Closing costs & prepaids$11,362
Usable credit−$0
Total buyer cash needed$40,038
Earnest money paid−$0
Remaining funds due$40,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$11.49
Prepaid interest, second (9 days)$473.92
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 5.6%
Interest already paid$94,501Through Dec 2026
Assumption only · ends May 2028$1,205
Assumption + second · ends May 2028, second Jan 2057$392,818
New conventional · ends Jan 2057$374,790