Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,352/mo
Lowest payment- Down payment
- $399,870
- Funds due
- $411,248
- Interest + MI left
- $4,547
- First ends
- Sep 2029
Assumption
Assumption + second
$3,909/mo
+$2,558/mo- Down payment
- $42,870
- Funds due
- $55,574
- Interest + MI left
- $568,280
- First ends
- Sep 2029
New loan
New conventional
$3,172/mo
+$1,820/mo- Down payment
- $42,870
- Funds due
- $52,093
- Interest + MI left
- $579,526
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $25,130 | $25,130 | $382,130 |
| Second mortgage | — | $357,000 | — |
| First P&I | $810.70 | $810.70 | $2,645.79 |
| Second P&I | — | $2,557.59 | — |
| Mortgage insurance | $91.33 | $91.33 | $76.43 |
| Taxes, insurance & HOA | $449.67 | $449.67 | $449.67 |
| Total housing payment | $1,351.70 | $3,909.29 | $3,171.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,870
Closing costs & prepaids$12,704
Usable credit−$0
Total buyer cash needed$55,574
Earnest money paid−$0
Remaining funds due$55,574
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$515.00
Initial HOA (3 months)$384.00
Prepaid interest, first (1 days)$4.44
Prepaid interest, second (1 days)$75.80
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 closing2 yr 10 moOf the original 30-year loan at 6.450%
Interest already paid$160,488Through Nov 2026
Assumption only · ends Sep 2029$4,547
Assumption + second · ends Sep 2029, second Dec 2056$568,280
New conventional · ends Dec 2056$579,526