Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,460/mo
Lowest payment- Down payment
- $59,325
- Funds due
- $74,299
- Interest + MI left
- $644,402
- First ends
- May 2055
Assumption
Assumption + second
$4,796/mo
+$336/mo- Down payment
- $26,325
- Funds due
- $42,592
- Interest + MI left
- $732,459
- First ends
- May 2055
New loan
New conventional
$4,587/mo
+$127/mo- Down payment
- $26,325
- Funds due
- $39,274
- Interest + MI left
- $723,250
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $465,675 | $465,675 | $498,675 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,109.93 | $3,109.93 | $3,354.62 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $217.09 | $217.09 | $99.74 |
| Taxes, insurance & HOA | $1,132.92 | $1,132.92 | $1,132.92 |
| Total housing payment | $4,459.94 | $4,796.21 | $4,587.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,325
Closing costs & prepaids$16,267
Usable credit−$0
Total buyer cash needed$42,592
Earnest money paid−$0
Remaining funds due$42,592
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$1,338.75
Initial HOA (3 months)$1,560.00
Prepaid interest, first (4 days)$350.60
Prepaid interest, second (4 days)$42.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5 moOf the original 30-year loan at 6.87%
Interest already paid$51,118Through Dec 2026
Assumption only · ends May 2055$644,402
Assumption + second · ends May 2055, second Jan 2057$732,459
New conventional · ends Jan 2057$723,250