Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$458/mo
Lowest payment- Down payment
- $362,471
- Funds due
- $373,043
- Interest + MI left
- $25,579
- First ends
- May 2055
Assumption
Assumption + second
$2,779/mo
+$2,321/mo- Down payment
- $38,471
- Funds due
- $50,431
- Interest + MI left
- $537,202
- First ends
- May 2055
New loan
New conventional
$2,778/mo
+$2,320/mo- Down payment
- $38,471
- Funds due
- $46,991
- Interest + MI left
- $524,018
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $21,529 | $21,529 | $345,529 |
| Second mortgage | — | $324,000 | — |
| First P&I | $131.26 | $131.26 | $2,392.37 |
| Second P&I | — | $2,321.18 | — |
| Mortgage insurance | $9.93 | $9.93 | $69.11 |
| Taxes, insurance & HOA | $316.58 | $316.58 | $316.58 |
| Total housing payment | $457.78 | $2,778.95 | $2,778.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,471
Closing costs & prepaids$11,959
Usable credit−$0
Total buyer cash needed$50,431
Earnest money paid−$0
Remaining funds due$50,431
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,840.00
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)$499.75
Prepaid interest, first (2 days)$7.05
Prepaid interest, second (2 days)$137.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 29-year loan at 5.980%
Interest already paid$646Through Nov 2026
Assumption only · ends May 2055$25,579
Assumption + second · ends May 2055, second Dec 2056$537,202
New conventional · ends Dec 2056$524,018