Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$830/mo
Lowest payment- Down payment
- $286,206
- Funds due
- $295,704
- Interest + MI left
- $1,280
- First ends
- May 2028
Assumption
Assumption + second
$2,664/mo
+$1,834/mo- Down payment
- $30,206
- Funds due
- $41,063
- Interest + MI left
- $405,526
- First ends
- May 2028
New loan
New conventional
$2,143/mo
+$1,313/mo- Down payment
- $30,206
- Funds due
- $37,707
- Interest + MI left
- $401,525
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,794 | $8,794 | $264,794 |
| Second mortgage | — | $256,000 | — |
| First P&I | $510.50 | $510.50 | $1,833.38 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | $62.99 | $62.99 | $52.96 |
| Taxes, insurance & HOA | $256.83 | $256.83 | $256.83 |
| Total housing payment | $830.32 | $2,664.34 | $2,143.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,206
Closing costs & prepaids$10,857
Usable credit−$0
Total buyer cash needed$41,063
Earnest money paid−$0
Remaining funds due$41,063
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$110.50
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$2.70
Prepaid interest, second (2 days)$108.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.600%
Interest already paid$94,460Through Nov 2026
Assumption only · ends May 2028$1,280
Assumption + second · ends May 2028, second Dec 2056$405,526
New conventional · ends Dec 2056$401,525