Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,664/mo
Lowest payment- Down payment
- $73,161
- Funds due
- $86,117
- Interest + MI left
- $585,546
- First ends
- Jan 2055
Assumption
Assumption + second
$4,133/mo
+$469/mo- Down payment
- $27,161
- Funds due
- $41,397
- Interest + MI left
- $708,293
- First ends
- Jan 2055
New loan
New conventional
$4,070/mo
+$406/mo- Down payment
- $27,161
- Funds due
- $38,086
- Interest + MI left
- $757,595
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,839 | $451,839 | $497,839 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,929.06 | $2,929.06 | $3,446.94 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | $211.51 | $211.51 | $99.57 |
| Taxes, insurance & HOA | $523.25 | $523.25 | $523.25 |
| Total housing payment | $3,663.83 | $4,132.57 | $4,069.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,161
Closing costs & prepaids$14,237
Usable credit−$0
Total buyer cash needed$41,397
Earnest money paid−$0
Remaining funds due$41,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,069.75
Prepaid interest, first (2 days)$161.92
Prepaid interest, second (2 days)$29.93
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 2 moOf the original 30-year loan at 6.540%
Interest already paid$54,792Through Nov 2026
Assumption only · ends Jan 2055$585,546
Assumption + second · ends Jan 2055, second Dec 2056$708,293
New conventional · ends Dec 2056$757,595