Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,534/mo
Lowest payment- Down payment
- $70,623
- Funds due
- $79,615
- Interest + MI left
- $266,266
- First ends
- Aug 2055
Assumption
Assumption + second
$1,896/mo
+$362/mo- Down payment
- $25,623
- Funds due
- $35,887
- Interest + MI left
- $351,615
- First ends
- Aug 2055
New loan
New conventional
$1,813/mo
+$279/mo- Down payment
- $25,623
- Funds due
- $32,579
- Interest + MI left
- $340,086
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,277 | $179,277 | $224,277 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,234.50 | $1,234.50 | $1,552.85 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $83.94 | $83.94 | $44.86 |
| Taxes, insurance & HOA | $215.67 | $215.67 | $215.67 |
| Total housing payment | $1,534.11 | $1,896.19 | $1,813.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,623
Closing costs & prepaids$10,264
Usable credit−$0
Total buyer cash needed$35,887
Earnest money paid−$0
Remaining funds due$35,887
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$197.00
Prepaid interest, first (2 days)$70.92
Prepaid interest, second (2 days)$22.19
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 9 moOf the original 31-year loan at 7.220%
Interest already paid$29,458Through Nov 2026
Assumption only · ends Aug 2055$266,266
Assumption + second · ends Aug 2055, second Dec 2056$351,615
New conventional · ends Dec 2056$340,086