Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,157/mo
Lowest payment- Down payment
- $134,372
- Funds due
- $145,126
- Interest + MI left
- $354,670
- First ends
- Apr 2055
Assumption
Assumption + second
$2,921/mo
+$764/mo- Down payment
- $39,372
- Funds due
- $51,423
- Interest + MI left
- $534,851
- First ends
- Apr 2055
New loan
New conventional
$2,822/mo
+$665/mo- Down payment
- $39,372
- Funds due
- $47,978
- Interest + MI left
- $530,164
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,628 | $254,628 | $349,628 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,707.20 | $1,707.20 | $2,420.75 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $118.69 | $118.69 | $69.93 |
| Taxes, insurance & HOA | $330.83 | $330.83 | $330.83 |
| Total housing payment | $2,156.72 | $2,921.11 | $2,821.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,372
Closing costs & prepaids$12,051
Usable credit−$0
Total buyer cash needed$51,423
Earnest money paid−$0
Remaining funds due$51,423
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$332.50
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$96.41
Prepaid interest, second (2 days)$46.85
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 5 moOf the original 30-year loan at 6.910%
Interest already paid$28,112Through Nov 2026
Assumption only · ends Apr 2055$354,670
Assumption + second · ends Apr 2055, second Dec 2056$534,851
New conventional · ends Dec 2056$530,164