Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,059/mo
Lowest payment- Down payment
- $66,304
- Funds due
- $78,335
- Interest + MI left
- $504,299
- First ends
- Mar 2055
Assumption
Assumption + second
$3,507/mo
+$448/mo- Down payment
- $22,304
- Funds due
- $35,714
- Interest + MI left
- $621,709
- First ends
- Mar 2055
New loan
New conventional
$3,324/mo
+$265/mo- Down payment
- $22,304
- Funds due
- $32,428
- Interest + MI left
- $612,982
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,686 | $373,686 | $417,686 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,473.45 | $2,473.45 | $2,829.55 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $174.61 | $174.61 | $83.54 |
| Taxes, insurance & HOA | $411.00 | $411.00 | $411.00 |
| Total housing payment | $3,059.05 | $3,507.41 | $3,324.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,304
Closing costs & prepaids$13,410
Usable credit−$0
Total buyer cash needed$35,714
Earnest money paid−$0
Remaining funds due$35,714
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.90
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)$528.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$622.88
Prepaid interest, second (9 days)$128.84
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 3 moOf the original 30-year loan at 6.76%
Interest already paid$44,666Through Dec 2026
Assumption only · ends Mar 2055$504,299
Assumption + second · ends Mar 2055, second Jan 2057$621,709
New conventional · ends Jan 2057$612,982