Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,442/mo
Lowest payment- Down payment
- $78,838
- Funds due
- $88,141
- Interest + MI left
- $175,040
- First ends
- Aug 2053
Assumption
Assumption + second
$1,893/mo
+$451/mo- Down payment
- $22,838
- Funds due
- $33,405
- Interest + MI left
- $281,252
- First ends
- Aug 2053
New loan
New conventional
$1,857/mo
+$415/mo- Down payment
- $22,838
- Funds due
- $30,127
- Interest + MI left
- $306,550
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,161 | $146,161 | $202,161 |
| Second mortgage | — | $56,000 | — |
| First P&I | $954.96 | $954.96 | $1,399.72 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $69.75 | $69.75 | $40.43 |
| Taxes, insurance & HOA | $417.25 | $417.25 | $417.25 |
| Total housing payment | $1,441.97 | $1,892.55 | $1,857.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,838
Closing costs & prepaids$10,566
Usable credit−$0
Total buyer cash needed$33,405
Earnest money paid−$0
Remaining funds due$33,405
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,249.99
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)$105.75
Initial HOA (3 months)$696.00
Prepaid interest, first (1 days)$25.75
Prepaid interest, second (1 days)$13.81
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 closing26 yr 9 moOf the original 30-year loan at 6.430%
Interest already paid$31,212Through Nov 2026
Assumption only · ends Aug 2053$175,040
Assumption + second · ends Aug 2053, second Dec 2056$281,252
New conventional · ends Dec 2056$306,550