Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,056/mo
Lowest payment- Down payment
- $53,460
- Funds due
- $67,608
- Interest + MI left
- $637,489
- First ends
- Mar 2055
Assumption
Assumption + second
$4,331/mo
+$275/mo- Down payment
- $26,460
- Funds due
- $41,937
- Interest + MI left
- $709,536
- First ends
- Mar 2055
New loan
New conventional
$4,203/mo
+$147/mo- Down payment
- $26,460
- Funds due
- $38,645
- Interest + MI left
- $737,510
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $475,540 | $475,540 | $502,540 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,135.19 | $3,135.19 | $3,404.38 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $222.23 | $222.23 | $100.51 |
| Taxes, insurance & HOA | $698.25 | $698.25 | $698.25 |
| Total housing payment | $4,055.68 | $4,330.81 | $4,203.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,460
Closing costs & prepaids$15,477
Usable credit−$0
Total buyer cash needed$41,937
Earnest money paid−$0
Remaining funds due$41,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,290.00
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)$634.75
Initial HOA (3 months)$960.00
Prepaid interest, first (9 days)$787.96
Prepaid interest, second (9 days)$79.06
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 3 moOf the original 30-year loan at 6.72%
Interest already paid$56,509Through Dec 2026
Assumption only · ends Mar 2055$637,489
Assumption + second · ends Mar 2055, second Jan 2057$709,536
New conventional · ends Jan 2057$737,510