Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,776/mo
Lowest payment- Down payment
- $94,301
- Funds due
- $106,137
- Interest + MI left
- $359,891
- First ends
- Aug 2053
Assumption
Assumption + second
$3,210/mo
+$434/mo- Down payment
- $40,301
- Funds due
- $53,414
- Interest + MI left
- $462,310
- First ends
- Aug 2053
New loan
New conventional
$3,210/mo
+$434/mo- Down payment
- $40,301
- Funds due
- $49,974
- Interest + MI left
- $543,919
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,699 | $304,699 | $358,699 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,975.35 | $1,975.35 | $2,483.56 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $145.50 | $145.50 | $71.74 |
| Taxes, insurance & HOA | $655.08 | $655.08 | $655.08 |
| Total housing payment | $2,775.94 | $3,210.43 | $3,210.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,301
Closing costs & prepaids$13,113
Usable credit−$0
Total buyer cash needed$53,414
Earnest money paid−$0
Remaining funds due$53,414
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$723.25
Initial HOA (3 months)$792.00
Prepaid interest, first (2 days)$106.02
Prepaid interest, second (2 days)$26.63
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 closing26 yr 9 moOf the original 30-year loan at 6.350%
Interest already paid$64,278Through Nov 2026
Assumption only · ends Aug 2053$359,891
Assumption + second · ends Aug 2053, second Dec 2056$462,310
New conventional · ends Dec 2056$543,919