Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,929/mo
Lowest payment- Down payment
- $76,123
- Funds due
- $89,236
- Interest + MI left
- $649,813
- First ends
- Nov 2054
Assumption
Assumption + second
$4,397/mo
+$469/mo- Down payment
- $30,123
- Funds due
- $44,501
- Interest + MI left
- $772,559
- First ends
- Nov 2054
New loan
New conventional
$4,350/mo
+$421/mo- Down payment
- $30,123
- Funds due
- $41,157
- Interest + MI left
- $843,633
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $508,377 | $508,377 | $554,377 |
| Second mortgage | — | $46,000 | — |
| First P&I | $3,289.28 | $3,289.28 | $3,838.39 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | $238.52 | $238.52 | $110.88 |
| Taxes, insurance & HOA | $400.92 | $400.92 | $400.92 |
| Total housing payment | $3,928.72 | $4,397.46 | $4,350.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,123
Closing costs & prepaids$14,378
Usable credit−$0
Total buyer cash needed$44,501
Earnest money paid−$0
Remaining funds due$44,501
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,845.00
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)$590.25
Initial HOA (3 months)$112.50
Prepaid interest, first (1 days)$90.53
Prepaid interest, second (1 days)$14.97
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 closing28 yrOf the original 30-year loan at 6.500%
Interest already paid$66,920Through Nov 2026
Assumption only · ends Nov 2054$649,813
Assumption + second · ends Nov 2054, second Dec 2056$772,559
New conventional · ends Dec 2056$843,633