Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,098/mo
Lowest payment- Down payment
- $67,439
- Funds due
- $79,047
- Interest + MI left
- $494,682
- First ends
- Aug 2054
Assumption
Assumption + second
$3,299/mo
+$201/mo- Down payment
- $42,439
- Funds due
- $55,309
- Interest + MI left
- $542,098
- First ends
- Aug 2054
New loan
New conventional
$3,169/mo
+$72/mo- Down payment
- $42,439
- Funds due
- $51,836
- Interest + MI left
- $564,939
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,561 | $347,561 | $372,561 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,419.39 | $2,419.39 | $2,579.54 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $163.04 | $163.04 | $74.51 |
| Taxes, insurance & HOA | $515.08 | $515.08 | $515.08 |
| Total housing payment | $3,097.51 | $3,298.67 | $3,169.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,439
Closing costs & prepaids$12,870
Usable credit−$0
Total buyer cash needed$55,309
Earnest money paid−$0
Remaining funds due$55,309
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$606.25
Initial HOA (3 months)$489.00
Prepaid interest, first (2 days)$137.50
Prepaid interest, second (2 days)$12.33
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 closing27 yr 9 moOf the original 30-year loan at 7.220%
Interest already paid$57,166Through Nov 2026
Assumption only · ends Aug 2054$494,682
Assumption + second · ends Aug 2054, second Dec 2056$542,098
New conventional · ends Dec 2056$564,939