Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,797/mo
Lowest payment- Down payment
- $65,507
- Funds due
- $76,655
- Interest + MI left
- $483,212
- First ends
- Dec 2055
Assumption
Assumption + second
$3,236/mo
+$438/mo- Down payment
- $22,507
- Funds due
- $34,933
- Interest + MI left
- $597,953
- First ends
- Dec 2055
New loan
New conventional
$3,255/mo
+$458/mo- Down payment
- $22,507
- Funds due
- $31,669
- Interest + MI left
- $635,327
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,493 | $374,493 | $417,493 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,342.87 | $2,342.87 | $2,890.64 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $173.48 | $173.48 | $83.50 |
| Taxes, insurance & HOA | $281.08 | $281.08 | $281.08 |
| Total housing payment | $2,797.44 | $3,235.61 | $3,255.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,507
Closing costs & prepaids$12,426
Usable credit−$0
Total buyer cash needed$34,933
Earnest money paid−$0
Remaining funds due$34,933
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)$393.25
Prepaid interest, first (2 days)$129.28
Prepaid interest, second (2 days)$27.98
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 closing29 yr 1 moOf the original 30-year loan at 6.300%
Interest already paid$21,755Through Nov 2026
Assumption only · ends Dec 2055$483,212
Assumption + second · ends Dec 2055, second Dec 2056$597,953
New conventional · ends Dec 2056$635,327