Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,526/mo
Lowest payment- Down payment
- $111,211
- Funds due
- $123,013
- Interest + MI left
- $405,168
- First ends
- Mar 2056
Assumption
Assumption + second
$3,074/mo
+$547/mo- Down payment
- $43,211
- Funds due
- $56,414
- Interest + MI left
- $534,140
- First ends
- Mar 2056
New loan
New conventional
$3,111/mo
+$584/mo- Down payment
- $43,211
- Funds due
- $52,979
- Interest + MI left
- $565,403
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,689 | $318,689 | $386,689 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,965.10 | $1,965.10 | $2,619.57 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $147.37 | $147.37 | $77.34 |
| Taxes, insurance & HOA | $414.00 | $414.00 | $414.00 |
| Total housing payment | $2,526.47 | $3,073.61 | $3,110.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,211
Closing costs & prepaids$13,203
Usable credit−$0
Total buyer cash needed$56,414
Earnest money paid−$0
Remaining funds due$56,414
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$485.63
Prepaid interest, second (9 days)$150.90
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 closing29 yr 3 moOf the original 30-year loan at 6.18%
Interest already paid$14,845Through Dec 2026
Assumption only · ends Mar 2056$405,168
Assumption + second · ends Mar 2056, second Jan 2057$534,140
New conventional · ends Jan 2057$565,403