Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,986/mo
Lowest payment- Down payment
- $51,707
- Funds due
- $63,062
- Interest + MI left
- $388,562
- First ends
- Sep 2052
Assumption
Assumption + second
$3,292/mo
+$306/mo- Down payment
- $21,707
- Funds due
- $34,322
- Interest + MI left
- $468,614
- First ends
- Sep 2052
New loan
New conventional
$3,316/mo
+$330/mo- Down payment
- $21,707
- Funds due
- $31,071
- Interest + MI left
- $621,409
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,293 | $378,293 | $408,293 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,292.85 | $2,292.85 | $2,826.94 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $285.41 | $285.41 | $81.66 |
| Taxes, insurance & HOA | $407.75 | $407.75 | $407.75 |
| Total housing payment | $2,986.01 | $3,291.71 | $3,316.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,707
Closing costs & prepaids$12,615
Usable credit−$0
Total buyer cash needed$34,322
Earnest money paid−$0
Remaining funds due$34,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$416.25
Initial HOA (3 months)$357.00
Prepaid interest, first (1 days)$57.21
Prepaid interest, second (1 days)$9.76
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 closing25 yr 10 moOf the original 30-year loan at 5.520%
Interest already paid$90,006Through Nov 2026
Assumption only · ends Sep 2052$388,562
Assumption + second · ends Sep 2052, second Dec 2056$468,614
New conventional · ends Dec 2056$621,409