Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,583/mo
Lowest payment- Down payment
- $49,960
- Funds due
- $59,345
- Interest + MI left
- $203,923
- First ends
- Jun 2055
Assumption
Assumption + second
$1,824/mo
+$241/mo- Down payment
- $19,960
- Funds due
- $30,602
- Interest + MI left
- $260,823
- First ends
- Jun 2055
New loan
New conventional
$1,806/mo
+$223/mo- Down payment
- $19,960
- Funds due
- $27,354
- Interest + MI left
- $271,526
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,040 | $149,040 | $179,040 |
| Second mortgage | — | $30,000 | — |
| First P&I | $982.68 | $982.68 | $1,239.64 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $69.37 | $69.37 | $35.81 |
| Taxes, insurance & HOA | $530.67 | $530.67 | $530.67 |
| Total housing payment | $1,582.72 | $1,824.10 | $1,806.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,960
Closing costs & prepaids$10,642
Usable credit−$0
Total buyer cash needed$30,602
Earnest money paid−$0
Remaining funds due$30,602
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,990.00
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)$197.00
Initial HOA (3 months)$945.00
Prepaid interest, first (1 days)$27.60
Prepaid interest, second (1 days)$7.40
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 7 moOf the original 30-year loan at 6.760%
Interest already paid$14,392Through Nov 2026
Assumption only · ends Jun 2055$203,923
Assumption + second · ends Jun 2055, second Dec 2056$260,823
New conventional · ends Dec 2056$271,526