Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,976/mo
Lowest payment- Down payment
- $78,173
- Funds due
- $90,112
- Interest + MI left
- $466,037
- First ends
- Apr 2055
Assumption
Assumption + second
$3,257/mo
+$282/mo- Down payment
- $43,173
- Funds due
- $56,405
- Interest + MI left
- $532,419
- First ends
- Apr 2055
New loan
New conventional
$3,213/mo
+$237/mo- Down payment
- $43,173
- Funds due
- $52,942
- Interest + MI left
- $565,459
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,727 | $351,727 | $386,727 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,295.98 | $2,295.98 | $2,619.82 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $164.26 | $164.26 | $77.35 |
| Taxes, insurance & HOA | $515.42 | $515.42 | $515.42 |
| Total housing payment | $2,975.66 | $3,257.28 | $3,212.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,173
Closing costs & prepaids$13,233
Usable credit−$0
Total buyer cash needed$56,405
Earnest money paid−$0
Remaining funds due$56,405
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$1,096.25
Prepaid interest, first (5 days)$319.45
Prepaid interest, second (5 days)$43.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.63%
Interest already paid$39,259Through Dec 2026
Assumption only · ends Apr 2055$466,037
Assumption + second · ends Apr 2055, second Jan 2057$532,419
New conventional · ends Jan 2057$565,459