Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,065/mo
Lowest payment- Down payment
- $119,190
- Funds due
- $132,421
- Interest + MI left
- $470,334
- First ends
- Feb 2056
Assumption
Assumption + second
$3,644/mo
+$579/mo- Down payment
- $47,190
- Funds due
- $61,831
- Interest + MI left
- $606,892
- First ends
- Feb 2056
New loan
New conventional
$3,613/mo
+$548/mo- Down payment
- $47,190
- Funds due
- $58,336
- Interest + MI left
- $618,218
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,810 | $350,810 | $422,810 |
| Second mortgage | — | $72,000 | — |
| First P&I | $2,238.09 | $2,238.09 | $2,864.26 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $162.29 | $162.29 | $84.56 |
| Taxes, insurance & HOA | $664.67 | $664.67 | $664.67 |
| Total housing payment | $3,065.05 | $3,644.38 | $3,613.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,190
Closing costs & prepaids$14,641
Usable credit−$0
Total buyer cash needed$61,831
Earnest money paid−$0
Remaining funds due$61,831
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Initial HOA (3 months)$930.00
Prepaid interest, first (9 days)$562.26
Prepaid interest, second (9 days)$159.78
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 2 moOf the original 30-year loan at 6.5%
Interest already paid$19,101Through Dec 2026
Assumption only · ends Feb 2056$470,334
Assumption + second · ends Feb 2056, second Jan 2057$606,892
New conventional · ends Jan 2057$618,218