Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,328/mo
Lowest payment- Down payment
- $53,183
- Funds due
- $65,311
- Interest + MI left
- $565,526
- First ends
- Oct 2055
Assumption
Assumption + second
$3,623/mo
+$296/mo- Down payment
- $24,183
- Funds due
- $37,580
- Interest + MI left
- $642,910
- First ends
- Oct 2055
New loan
New conventional
$3,628/mo
+$300/mo- Down payment
- $24,183
- Funds due
- $34,300
- Interest + MI left
- $685,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,717 | $421,717 | $450,717 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,714.79 | $2,714.79 | $3,120.67 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $195.64 | $195.64 | $90.14 |
| Taxes, insurance & HOA | $417.50 | $417.50 | $417.50 |
| Total housing payment | $3,327.93 | $3,623.44 | $3,628.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,183
Closing costs & prepaids$13,397
Usable credit−$0
Total buyer cash needed$37,580
Earnest money paid−$0
Remaining funds due$37,580
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
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)$347.50
Initial HOA (3 months)$405.00
Prepaid interest, first (2 days)$151.59
Prepaid interest, second (2 days)$18.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 6.560%
Interest already paid$30,168Through Nov 2026
Assumption only · ends Oct 2055$565,526
Assumption + second · ends Oct 2055, second Dec 2056$642,910
New conventional · ends Dec 2056$685,886