Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,722/mo
Lowest payment- Down payment
- $80,256
- Funds due
- $91,146
- Interest + MI left
- $467,232
- First ends
- Jan 2055
Assumption
Assumption + second
$3,019/mo
+$298/mo- Down payment
- $43,256
- Funds due
- $55,405
- Interest + MI left
- $537,408
- First ends
- Jan 2055
New loan
New conventional
$3,005/mo
+$283/mo- Down payment
- $43,256
- Funds due
- $51,927
- Interest + MI left
- $586,522
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,743 | $349,743 | $386,743 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,308.12 | $2,308.12 | $2,677.73 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $163.61 | $163.61 | $77.35 |
| Taxes, insurance & HOA | $249.92 | $249.92 | $249.92 |
| Total housing payment | $2,721.64 | $3,019.35 | $3,005.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,256
Closing costs & prepaids$12,148
Usable credit−$0
Total buyer cash needed$55,405
Earnest money paid−$0
Remaining funds due$55,405
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.99
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)$11.75
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$64.39
Prepaid interest, second (1 days)$9.12
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 yr 2 moOf the original 30-year loan at 6.720%
Interest already paid$43,562Through Nov 2026
Assumption only · ends Jan 2055$467,232
Assumption + second · ends Jan 2055, second Dec 2056$537,408
New conventional · ends Dec 2056$586,522