Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,609/mo
Lowest payment- Down payment
- $51,263
- Funds due
- $62,198
- Interest + MI left
- $407,297
- First ends
- Nov 2053
Assumption
Assumption + second
$2,945/mo
+$336/mo- Down payment
- $18,263
- Funds due
- $30,544
- Interest + MI left
- $495,355
- First ends
- Nov 2053
New loan
New conventional
$2,709/mo
+$99/mo- Down payment
- $18,263
- Funds due
- $27,282
- Interest + MI left
- $494,116
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,737 | $303,737 | $336,737 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,105.20 | $2,105.20 | $2,281.17 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $144.01 | $144.01 | $67.35 |
| Taxes, insurance & HOA | $360.00 | $360.00 | $360.00 |
| Total housing payment | $2,609.21 | $2,945.48 | $2,708.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,263
Closing costs & prepaids$12,281
Usable credit−$0
Total buyer cash needed$30,544
Earnest money paid−$0
Remaining funds due$30,544
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$529.50
Prepaid interest, second (9 days)$96.63
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 closing26 yr 11 moOf the original 30-year loan at 7.07%
Interest already paid$67,425Through Dec 2026
Assumption only · ends Nov 2053$407,297
Assumption + second · ends Nov 2053, second Jan 2057$495,355
New conventional · ends Jan 2057$494,116