Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,581/mo
Lowest payment- Down payment
- $142,272
- Funds due
- $152,229
- Interest + MI left
- $260,990
- First ends
- Apr 2056
Assumption
Assumption + second
$2,374/mo
+$792/mo- Down payment
- $34,272
- Funds due
- $45,503
- Interest + MI left
- $438,277
- First ends
- Apr 2056
New loan
New conventional
$2,408/mo
+$827/mo- Down payment
- $34,272
- Funds due
- $42,113
- Interest + MI left
- $456,014
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,728 | $192,728 | $300,728 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,226.06 | $1,226.06 | $2,082.18 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $88.91 | $88.91 | $60.15 |
| Taxes, insurance & HOA | $266.08 | $266.08 | $266.08 |
| Total housing payment | $1,581.05 | $2,373.52 | $2,408.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,272
Closing costs & prepaids$11,231
Usable credit−$0
Total buyer cash needed$45,503
Earnest money paid−$0
Remaining funds due$45,503
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$138.25
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$34.32
Prepaid interest, second (1 days)$23.67
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 6.500%
Interest already paid$7,335Through Nov 2026
Assumption only · ends Apr 2056$260,990
Assumption + second · ends Apr 2056, second Dec 2056$438,277
New conventional · ends Dec 2056$456,014