Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$832/mo
Lowest payment- Down payment
- $448,202
- Funds due
- $459,471
- Interest + MI left
- $210
- First ends
- Apr 2027
Assumption
Assumption + second
$3,719/mo
+$2,887/mo- Down payment
- $45,202
- Funds due
- $58,491
- Interest + MI left
- $636,581
- First ends
- Apr 2027
New loan
New conventional
$3,153/mo
+$2,321/mo- Down payment
- $45,202
- Funds due
- $54,932
- Interest + MI left
- $591,882
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,798 | $1,798 | $404,798 |
| Second mortgage | — | $403,000 | — |
| First P&I | $456.66 | $456.66 | $2,742.24 |
| Second P&I | — | $2,887.14 | — |
| Mortgage insurance | $45.19 | $45.19 | $80.96 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $831.85 | $3,718.99 | $3,153.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,202
Closing costs & prepaids$13,289
Usable credit−$0
Total buyer cash needed$58,491
Earnest money paid−$0
Remaining funds due$58,491
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (9 days)$3.43
Prepaid interest, second (9 days)$770.12
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 closing4 moOf the original 30-year loan at 7.74%
Interest already paid$100,564Through Dec 2026
Assumption only · ends Apr 2027$210
Assumption + second · ends Apr 2027, second Jan 2057$636,581
New conventional · ends Jan 2057$591,882