Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,121/mo
Lowest payment- Down payment
- $419,645
- Funds due
- $430,524
- Interest + MI left
- $1,461
- First ends
- Jan 2028
Assumption
Assumption + second
$3,815/mo
+$2,694/mo- Down payment
- $43,645
- Funds due
- $55,854
- Interest + MI left
- $595,196
- First ends
- Jan 2028
New loan
New conventional
$3,020/mo
+$1,899/mo- Down payment
- $43,645
- Funds due
- $52,364
- Interest + MI left
- $585,856
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,355 | $10,355 | $386,355 |
| Second mortgage | — | $376,000 | — |
| First P&I | $774.02 | $774.02 | $2,675.04 |
| Second P&I | — | $2,693.71 | — |
| Mortgage insurance | $79.66 | $79.66 | $77.27 |
| Taxes, insurance & HOA | $267.42 | $267.42 | $267.42 |
| Total housing payment | $1,121.10 | $3,814.81 | $3,019.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,645
Closing costs & prepaids$12,209
Usable credit−$0
Total buyer cash needed$55,854
Earnest money paid−$0
Remaining funds due$55,854
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$352.25
Prepaid interest, first (1 days)$2.08
Prepaid interest, second (1 days)$79.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 7.340%
Interest already paid$165,712Through Nov 2026
Assumption only · ends Jan 2028$1,461
Assumption + second · ends Jan 2028, second Dec 2056$595,196
New conventional · ends Dec 2056$585,856