Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,928/mo
Lowest payment- Down payment
- $68,890
- Funds due
- $81,198
- Interest + MI left
- $422,647
- First ends
- Apr 2056
Assumption
Assumption + second
$3,386/mo
+$459/mo- Down payment
- $23,890
- Funds due
- $37,463
- Interest + MI left
- $542,725
- First ends
- Apr 2056
New loan
New conventional
$3,681/mo
+$753/mo- Down payment
- $23,890
- Funds due
- $34,192
- Interest + MI left
- $669,745
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,110 | $395,110 | $440,110 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,199.71 | $2,199.71 | $3,047.23 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | $182.58 | $182.58 | $88.02 |
| Taxes, insurance & HOA | $545.50 | $545.50 | $545.50 |
| Total housing payment | $2,927.79 | $3,386.34 | $3,680.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,890
Closing costs & prepaids$13,573
Usable credit−$0
Total buyer cash needed$37,463
Earnest money paid−$0
Remaining funds due$37,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,640.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$764.50
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$56.83
Prepaid interest, second (1 days)$14.64
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 closing29 yr 5 moOf the original 30-year loan at 5.250%
Interest already paid$12,157Through Nov 2026
Assumption only · ends Apr 2056$422,647
Assumption + second · ends Apr 2056, second Dec 2056$542,725
New conventional · ends Dec 2056$669,745