Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,176/mo
Lowest payment- Down payment
- $420,356
- Funds due
- $431,414
- Interest + MI left
- $1,380
- First ends
- Jan 2028
Assumption
Assumption + second
$3,877/mo
+$2,701/mo- Down payment
- $43,356
- Funds due
- $56,385
- Interest + MI left
- $596,695
- First ends
- Jan 2028
New loan
New conventional
$3,019/mo
+$1,843/mo- Down payment
- $43,356
- Funds due
- $52,848
- Interest + MI left
- $565,337
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,644 | $9,644 | $386,644 |
| Second mortgage | — | $377,000 | — |
| First P&I | $774.02 | $774.02 | $2,619.26 |
| Second P&I | — | $2,700.87 | — |
| Mortgage insurance | $79.66 | $79.66 | $77.33 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $1,175.68 | $3,876.56 | $3,018.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,356
Closing costs & prepaids$13,029
Usable credit−$0
Total buyer cash needed$56,385
Earnest money paid−$0
Remaining funds due$56,385
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)$516.00
Prepaid interest, first (9 days)$17.45
Prepaid interest, second (9 days)$720.43
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 1 moOf the original 30-year loan at 7.34%
Interest already paid$165,775Through Dec 2026
Assumption only · ends Jan 2028$1,380
Assumption + second · ends Jan 2028, second Jan 2057$596,695
New conventional · ends Jan 2057$565,337