Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,637/mo
Lowest payment- Down payment
- $95,224
- Funds due
- $106,188
- Interest + MI left
- $425,671
- First ends
- May 2054
Assumption
Assumption + second
$3,079/mo
+$443/mo- Down payment
- $40,224
- Funds due
- $52,451
- Interest + MI left
- $529,987
- First ends
- May 2054
New loan
New conventional
$2,939/mo
+$302/mo- Down payment
- $40,224
- Funds due
- $48,998
- Interest + MI left
- $545,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,676 | $304,676 | $359,676 |
| Second mortgage | — | $55,000 | — |
| First P&I | $2,116.87 | $2,116.87 | $2,490.32 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $143.36 | $143.36 | $71.94 |
| Taxes, insurance & HOA | $376.50 | $376.50 | $376.50 |
| Total housing payment | $2,636.73 | $3,079.27 | $2,938.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,224
Closing costs & prepaids$12,227
Usable credit−$0
Total buyer cash needed$52,451
Earnest money paid−$0
Remaining funds due$52,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$388.50
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$59.85
Prepaid interest, second (1 days)$13.56
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 6 moOf the original 30-year loan at 7.170%
Interest already paid$55,387Through Nov 2026
Assumption only · ends May 2054$425,671
Assumption + second · ends May 2054, second Dec 2056$529,987
New conventional · ends Dec 2056$545,473