Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,898/mo
Lowest payment- Down payment
- $98,486
- Funds due
- $110,595
- Interest + MI left
- $454,988
- First ends
- Jul 2056
Assumption
Assumption + second
$3,341/mo
+$443/mo- Down payment
- $43,486
- Funds due
- $56,872
- Interest + MI left
- $559,303
- First ends
- Jul 2056
New loan
New conventional
$3,392/mo
+$494/mo- Down payment
- $43,486
- Funds due
- $53,398
- Interest + MI left
- $586,097
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,514 | $331,514 | $386,514 |
| Second mortgage | — | $55,000 | — |
| First P&I | $2,107.41 | $2,107.41 | $2,676.14 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $152.50 | $152.50 | $77.30 |
| Taxes, insurance & HOA | $638.50 | $638.50 | $638.50 |
| Total housing payment | $2,898.41 | $3,340.95 | $3,391.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,486
Closing costs & prepaids$13,386
Usable credit−$0
Total buyer cash needed$56,872
Earnest money paid−$0
Remaining funds due$56,872
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$1,465.50
Prepaid interest, first (2 days)$118.44
Prepaid interest, second (2 days)$27.12
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 8 moOf the original 30-year loan at 6.520%
Interest already paid$7,221Through Nov 2026
Assumption only · ends Jul 2056$454,988
Assumption + second · ends Jul 2056, second Dec 2056$559,303
New conventional · ends Dec 2056$586,097