Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,100/mo
Lowest payment- Down payment
- $299,921
- Funds due
- $310,135
- Interest + MI left
- $1,454
- First ends
- May 2028
Assumption
Assumption + second
$3,020/mo
+$1,920/mo- Down payment
- $31,921
- Funds due
- $43,442
- Interest + MI left
- $424,648
- First ends
- May 2028
New loan
New conventional
$2,426/mo
+$1,327/mo- Down payment
- $31,921
- Funds due
- $40,070
- Interest + MI left
- $421,614
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,079 | $10,079 | $278,079 |
| Second mortgage | — | $268,000 | — |
| First P&I | $591.66 | $591.66 | $1,925.36 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | $62.74 | $62.74 | $55.62 |
| Taxes, insurance & HOA | $445.50 | $445.50 | $445.50 |
| Total housing payment | $1,099.90 | $3,019.88 | $2,426.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,921
Closing costs & prepaids$11,520
Usable credit−$0
Total buyer cash needed$43,442
Earnest money paid−$0
Remaining funds due$43,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$226.50
Initial HOA (3 months)$660.00
Prepaid interest, first (1 days)$1.94
Prepaid interest, second (1 days)$56.90
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 6 moOf the original 30-year loan at 7.040%
Interest already paid$123,853Through Nov 2026
Assumption only · ends May 2028$1,454
Assumption + second · ends May 2028, second Dec 2056$424,648
New conventional · ends Dec 2056$421,614