Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,663/mo
Lowest payment- Down payment
- $85,521
- Funds due
- $96,942
- Interest + MI left
- $423,738
- First ends
- May 2054
Assumption
Assumption + second
$3,033/mo
+$370/mo- Down payment
- $39,521
- Funds due
- $52,294
- Interest + MI left
- $510,984
- First ends
- May 2054
New loan
New conventional
$2,847/mo
+$183/mo- Down payment
- $39,521
- Funds due
- $48,829
- Interest + MI left
- $512,312
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,379 | $304,379 | $350,379 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,116.87 | $2,116.87 | $2,373.59 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $143.36 | $143.36 | $70.08 |
| Taxes, insurance & HOA | $403.00 | $403.00 | $403.00 |
| Total housing payment | $2,663.23 | $3,033.36 | $2,846.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,521
Closing costs & prepaids$12,773
Usable credit−$0
Total buyer cash needed$52,294
Earnest money paid−$0
Remaining funds due$52,294
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$538.13
Prepaid interest, second (9 days)$102.08
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 closing27 yr 5 moOf the original 30-year loan at 7.17%
Interest already paid$57,207Through Dec 2026
Assumption only · ends May 2054$423,738
Assumption + second · ends May 2054, second Jan 2057$510,984
New conventional · ends Jan 2057$512,312