Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,037/mo
Lowest payment- Down payment
- $60,988
- Funds due
- $74,061
- Interest + MI left
- $627,490
- First ends
- Oct 2053
Assumption
Assumption + second
$4,374/mo
+$336/mo- Down payment
- $27,988
- Funds due
- $42,322
- Interest + MI left
- $715,548
- First ends
- Oct 2053
New loan
New conventional
$4,217/mo
+$180/mo- Down payment
- $27,988
- Funds due
- $38,996
- Interest + MI left
- $792,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $488,012 | $488,012 | $521,012 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,299.97 | $3,299.97 | $3,607.38 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $231.77 | $231.77 | $104.20 |
| Taxes, insurance & HOA | $505.67 | $505.67 | $505.67 |
| Total housing payment | $4,037.41 | $4,373.68 | $4,217.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,988
Closing costs & prepaids$14,334
Usable credit−$0
Total buyer cash needed$42,322
Earnest money paid−$0
Remaining funds due$42,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$777.00
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$91.05
Prepaid interest, second (1 days)$10.74
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 closing26 yr 11 moOf the original 30-year loan at 6.810%
Interest already paid$104,439Through Nov 2026
Assumption only · ends Oct 2053$627,490
Assumption + second · ends Oct 2053, second Dec 2056$715,548
New conventional · ends Dec 2056$792,859