Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,272/mo
Lowest payment- Down payment
- $58,598
- Funds due
- $71,113
- Interest + MI left
- $400,634
- First ends
- Apr 2053
Assumption
Assumption + second
$3,649/mo
+$377/mo- Down payment
- $21,598
- Funds due
- $35,387
- Interest + MI left
- $499,365
- First ends
- Apr 2053
New loan
New conventional
$3,641/mo
+$369/mo- Down payment
- $21,598
- Funds due
- $32,138
- Interest + MI left
- $604,601
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,302 | $360,302 | $397,302 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,288.38 | $2,288.38 | $2,750.84 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $173.26 | $173.26 | $79.46 |
| Taxes, insurance & HOA | $810.25 | $810.25 | $810.25 |
| Total housing payment | $3,271.89 | $3,648.92 | $3,640.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,598
Closing costs & prepaids$13,789
Usable credit−$0
Total buyer cash needed$35,387
Earnest money paid−$0
Remaining funds due$35,387
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,189.00
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)$1,862.75
Initial HOA (3 months)$117.99
Prepaid interest, first (2 days)$120.23
Prepaid interest, second (2 days)$24.08
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 5 moOf the original 30-year loan at 6.090%
Interest already paid$80,676Through Nov 2026
Assumption only · ends Apr 2053$400,634
Assumption + second · ends Apr 2053, second Dec 2056$499,365
New conventional · ends Dec 2056$604,601