Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,276/mo
Lowest payment- Down payment
- $44,029
- Funds due
- $54,613
- Interest + MI left
- $278,545
- First ends
- Nov 2052
Assumption
Assumption + second
$2,551/mo
+$275/mo- Down payment
- $17,029
- Funds due
- $28,942
- Interest + MI left
- $350,592
- First ends
- Nov 2052
New loan
New conventional
$2,563/mo
+$287/mo- Down payment
- $17,029
- Funds due
- $25,829
- Interest + MI left
- $459,243
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,971 | $285,971 | $312,971 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,679.37 | $1,679.37 | $2,120.17 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $216.15 | $216.15 | $62.59 |
| Taxes, insurance & HOA | $380.33 | $380.33 | $380.33 |
| Total housing payment | $2,275.85 | $2,550.98 | $2,563.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,029
Closing costs & prepaids$11,913
Usable credit−$0
Total buyer cash needed$28,942
Earnest money paid−$0
Remaining funds due$28,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$294.99
Prepaid interest, first (9 days)$368.08
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 closing25 yr 11 moOf the original 30-year loan at 5.22%
Interest already paid$63,113Through Dec 2026
Assumption only · ends Nov 2052$278,545
Assumption + second · ends Nov 2052, second Jan 2057$350,592
New conventional · ends Jan 2057$459,243