Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,997/mo
Lowest payment- Down payment
- $79,395
- Funds due
- $93,512
- Interest + MI left
- $581,627
- First ends
- Jul 2053
Assumption
Assumption + second
$4,497/mo
+$499/mo- Down payment
- $30,395
- Funds due
- $45,905
- Interest + MI left
- $712,379
- First ends
- Jul 2053
New loan
New conventional
$4,408/mo
+$411/mo- Down payment
- $30,395
- Funds due
- $42,628
- Interest + MI left
- $828,482
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $515,605 | $515,605 | $564,605 |
| Second mortgage | — | $49,000 | — |
| First P&I | $3,279.36 | $3,279.36 | $3,824.83 |
| Second P&I | — | $499.31 | — |
| Mortgage insurance | $247.24 | $247.24 | $112.92 |
| Taxes, insurance & HOA | $470.67 | $470.67 | $470.67 |
| Total housing payment | $3,997.26 | $4,496.57 | $4,408.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,395
Closing costs & prepaids$15,510
Usable credit−$0
Total buyer cash needed$45,905
Earnest money paid−$0
Remaining funds due$45,905
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$714.00
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$779.34
Prepaid interest, second (9 days)$143.48
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 7 moOf the original 30-year loan at 6.13%
Interest already paid$110,631Through Dec 2026
Assumption only · ends Jul 2053$581,627
Assumption + second · ends Jul 2053, second Jan 2057$712,379
New conventional · ends Jan 2057$828,482