Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,305/mo
Lowest payment- Down payment
- $45,539
- Funds due
- $55,622
- Interest + MI left
- $357,118
- First ends
- Jun 2054
Assumption
Assumption + second
$2,600/mo
+$296/mo- Down payment
- $16,539
- Funds due
- $27,881
- Interest + MI left
- $434,502
- First ends
- Jun 2054
New loan
New conventional
$2,495/mo
+$191/mo- Down payment
- $16,539
- Funds due
- $24,667
- Interest + MI left
- $454,188
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,461 | $269,461 | $298,461 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,808.55 | $1,808.55 | $2,066.48 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $126.89 | $126.89 | $59.69 |
| Taxes, insurance & HOA | $369.25 | $369.25 | $369.25 |
| Total housing payment | $2,304.69 | $2,600.20 | $2,495.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,539
Closing costs & prepaids$11,343
Usable credit−$0
Total buyer cash needed$27,881
Earnest money paid−$0
Remaining funds due$27,881
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$399.75
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$50.35
Prepaid interest, second (1 days)$9.43
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 closing27 yr 7 moOf the original 30-year loan at 6.820%
Interest already paid$45,058Through Nov 2026
Assumption only · ends Jun 2054$357,118
Assumption + second · ends Jun 2054, second Dec 2056$434,502
New conventional · ends Dec 2056$454,188