Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,194/mo
Lowest payment- Down payment
- $443,965
- Funds due
- $455,607
- Interest + MI left
- $2,281
- First ends
- Sep 2028
Assumption
Assumption + second
$4,046/mo
+$2,851/mo- Down payment
- $45,965
- Funds due
- $59,617
- Interest + MI left
- $630,756
- First ends
- Sep 2028
New loan
New conventional
$3,231/mo
+$2,037/mo- Down payment
- $45,965
- Funds due
- $56,052
- Interest + MI left
- $603,925
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,035 | $15,035 | $413,035 |
| Second mortgage | — | $398,000 | — |
| First P&I | $762.36 | $762.36 | $2,798.04 |
| Second P&I | — | $2,851.32 | — |
| Mortgage insurance | $81.66 | $81.66 | $82.61 |
| Taxes, insurance & HOA | $350.25 | $350.25 | $350.25 |
| Total housing payment | $1,194.27 | $4,045.59 | $3,230.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,965
Closing costs & prepaids$13,652
Usable credit−$0
Total buyer cash needed$59,617
Earnest money paid−$0
Remaining funds due$59,617
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$550.75
Prepaid interest, first (9 days)$25.73
Prepaid interest, second (9 days)$760.56
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 9 moOf the original 30-year loan at 6.94%
Interest already paid$158,189Through Dec 2026
Assumption only · ends Sep 2028$2,281
Assumption + second · ends Sep 2028, second Jan 2057$630,756
New conventional · ends Jan 2057$603,925