Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,392/mo
Lowest payment- Down payment
- $103,248
- Funds due
- $114,516
- Interest + MI left
- $343,632
- First ends
- Apr 2055
Assumption
Assumption + second
$2,939/mo
+$547/mo- Down payment
- $35,248
- Funds due
- $47,816
- Interest + MI left
- $472,603
- First ends
- Apr 2055
New loan
New conventional
$2,798/mo
+$406/mo- Down payment
- $35,248
- Funds due
- $44,407
- Interest + MI left
- $454,799
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,752 | $246,752 | $314,752 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,659.21 | $1,659.21 | $2,117.36 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $115.12 | $115.12 | $62.95 |
| Taxes, insurance & HOA | $617.50 | $617.50 | $617.50 |
| Total housing payment | $2,391.83 | $2,938.97 | $2,797.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,248
Closing costs & prepaids$12,568
Usable credit−$0
Total buyer cash needed$47,816
Earnest money paid−$0
Remaining funds due$47,816
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$892.50
Initial HOA (3 months)$510.00
Prepaid interest, first (3 days)$140.55
Prepaid interest, second (3 days)$50.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 6.93%
Interest already paid$28,772Through Dec 2026
Assumption only · ends Apr 2055$343,632
Assumption + second · ends Apr 2055, second Jan 2057$472,603
New conventional · ends Jan 2057$454,799