Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,346/mo
Lowest payment- Down payment
- $390,545
- Funds due
- $401,841
- Interest + MI left
- $4,353
- First ends
- Sep 2029
Assumption
Assumption + second
$3,846/mo
+$2,500/mo- Down payment
- $41,545
- Funds due
- $54,758
- Interest + MI left
- $555,453
- First ends
- Sep 2029
New loan
New conventional
$3,049/mo
+$1,703/mo- Down payment
- $41,545
- Funds due
- $51,248
- Interest + MI left
- $546,053
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $24,455 | $24,455 | $373,455 |
| Second mortgage | — | $349,000 | — |
| First P&I | $810.70 | $810.70 | $2,529.91 |
| Second P&I | — | $2,500.28 | — |
| Mortgage insurance | $91.33 | $91.33 | $74.69 |
| Taxes, insurance & HOA | $444.00 | $444.00 | $444.00 |
| Total housing payment | $1,346.03 | $3,846.31 | $3,048.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,545
Closing costs & prepaids$13,213
Usable credit−$0
Total buyer cash needed$54,758
Earnest money paid−$0
Remaining funds due$54,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$384.00
Prepaid interest, first (9 days)$38.89
Prepaid interest, second (9 days)$666.92
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 closing2 yr 9 moOf the original 30-year loan at 6.45%
Interest already paid$160,623Through Dec 2026
Assumption only · ends Sep 2029$4,353
Assumption + second · ends Sep 2029, second Jan 2057$555,453
New conventional · ends Jan 2057$546,053