Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,048/mo
Lowest payment- Down payment
- $76,668
- Funds due
- $88,448
- Interest + MI left
- $507,403
- First ends
- Jan 2055
Assumption
Assumption + second
$3,281/mo
+$233/mo- Down payment
- $47,668
- Funds due
- $60,712
- Interest + MI left
- $562,405
- First ends
- Jan 2055
New loan
New conventional
$3,349/mo
+$301/mo- Down payment
- $47,668
- Funds due
- $57,204
- Interest + MI left
- $648,078
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,332 | $398,332 | $427,332 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,556.48 | $2,556.48 | $2,958.76 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $186.54 | $186.54 | $85.47 |
| Taxes, insurance & HOA | $304.83 | $304.83 | $304.83 |
| Total housing payment | $3,047.85 | $3,281.19 | $3,349.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,668
Closing costs & prepaids$13,044
Usable credit−$0
Total buyer cash needed$60,712
Earnest money paid−$0
Remaining funds due$60,712
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$414.50
Prepaid interest, first (2 days)$140.56
Prepaid interest, second (2 days)$14.30
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 2 moOf the original 30-year loan at 6.440%
Interest already paid$47,575Through Nov 2026
Assumption only · ends Jan 2055$507,403
Assumption + second · ends Jan 2055, second Dec 2056$562,405
New conventional · ends Dec 2056$648,078