Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,402/mo
Lowest payment- Down payment
- $53,592
- Funds due
- $66,473
- Interest + MI left
- $563,062
- First ends
- Oct 2055
Assumption
Assumption + second
$3,698/mo
+$296/mo- Down payment
- $24,592
- Funds due
- $38,808
- Interest + MI left
- $640,446
- First ends
- Oct 2055
New loan
New conventional
$3,632/mo
+$230/mo- Down payment
- $24,592
- Funds due
- $35,542
- Interest + MI left
- $660,766
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,308 | $421,308 | $450,308 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,714.79 | $2,714.79 | $3,050.54 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $195.64 | $195.64 | $90.06 |
| Taxes, insurance & HOA | $491.67 | $491.67 | $491.67 |
| Total housing payment | $3,402.09 | $3,697.60 | $3,632.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,592
Closing costs & prepaids$14,215
Usable credit−$0
Total buyer cash needed$38,808
Earnest money paid−$0
Remaining funds due$38,808
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)$570.00
Initial HOA (3 months)$405.00
Prepaid interest, first (9 days)$681.48
Prepaid interest, second (9 days)$84.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 6.56%
Interest already paid$32,474Through Dec 2026
Assumption only · ends Oct 2055$563,062
Assumption + second · ends Oct 2055, second Jan 2057$640,446
New conventional · ends Jan 2057$660,766