Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,483/mo
Lowest payment- Down payment
- $63,716
- Funds due
- $78,487
- Interest + MI left
- $746,826
- First ends
- Apr 2055
Assumption
Assumption + second
$4,819/mo
+$336/mo- Down payment
- $30,716
- Funds due
- $46,833
- Interest + MI left
- $834,883
- First ends
- Apr 2055
New loan
New conventional
$4,597/mo
+$114/mo- Down payment
- $30,716
- Funds due
- $43,472
- Interest + MI left
- $835,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $536,274 | $536,274 | $569,274 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,606.01 | $3,606.01 | $3,856.46 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $250.19 | $250.19 | $113.85 |
| Taxes, insurance & HOA | $626.67 | $626.67 | $626.67 |
| Total housing payment | $4,482.87 | $4,819.14 | $4,596.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,716
Closing costs & prepaids$16,118
Usable credit−$0
Total buyer cash needed$46,833
Earnest money paid−$0
Remaining funds due$46,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.90
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)$720.00
Initial HOA (3 months)$660.00
Prepaid interest, first (9 days)$916.37
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 closing28 yr 4 moOf the original 30-year loan at 6.93%
Interest already paid$62,532Through Dec 2026
Assumption only · ends Apr 2055$746,826
Assumption + second · ends Apr 2055, second Jan 2057$834,883
New conventional · ends Jan 2057$835,333