Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,392/mo
Lowest payment- Down payment
- $71,797
- Funds due
- $84,390
- Interest + MI left
- $483,363
- First ends
- Oct 2053
Assumption
Assumption + second
$3,609/mo
+$217/mo- Down payment
- $44,797
- Funds due
- $58,673
- Interest + MI left
- $534,572
- First ends
- Oct 2053
New loan
New conventional
$3,445/mo
+$53/mo- Down payment
- $44,797
- Funds due
- $55,180
- Interest + MI left
- $577,773
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,203 | $368,203 | $395,203 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,528.30 | $2,528.30 | $2,677.24 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $174.88 | $174.88 | $79.04 |
| Taxes, insurance & HOA | $689.00 | $689.00 | $689.00 |
| Total housing payment | $3,392.18 | $3,609.43 | $3,445.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,797
Closing costs & prepaids$13,876
Usable credit−$0
Total buyer cash needed$58,673
Earnest money paid−$0
Remaining funds due$58,673
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$1,122.00
Initial HOA (3 months)$495.00
Prepaid interest, first (5 days)$351.05
Prepaid interest, second (5 days)$33.29
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 closing26 yr 10 moOf the original 30-year loan at 6.96%
Interest already paid$82,717Through Dec 2026
Assumption only · ends Oct 2053$483,363
Assumption + second · ends Oct 2053, second Jan 2057$534,572
New conventional · ends Jan 2057$577,773