Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,663/mo
Lowest payment- Down payment
- $57,103
- Funds due
- $69,535
- Interest + MI left
- $581,487
- First ends
- Feb 2054
Assumption
Assumption + second
$3,999/mo
+$336/mo- Down payment
- $24,103
- Funds due
- $37,796
- Interest + MI left
- $669,544
- First ends
- Feb 2054
New loan
New conventional
$3,735/mo
+$72/mo- Down payment
- $24,103
- Funds due
- $34,502
- Interest + MI left
- $678,536
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,887 | $412,887 | $445,887 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,909.84 | $2,909.84 | $3,087.23 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $194.73 | $194.73 | $89.18 |
| Taxes, insurance & HOA | $558.33 | $558.33 | $558.33 |
| Total housing payment | $3,662.91 | $3,999.18 | $3,734.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,103
Closing costs & prepaids$13,693
Usable credit−$0
Total buyer cash needed$37,796
Earnest money paid−$0
Remaining funds due$37,796
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.90
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)$1,175.00
Prepaid interest, first (1 days)$82.46
Prepaid interest, second (1 days)$10.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing27 yr 3 moOf the original 30-year loan at 7.290%
Interest already paid$84,050Through Nov 2026
Assumption only · ends Feb 2054$581,487
Assumption + second · ends Feb 2054, second Dec 2056$669,544
New conventional · ends Dec 2056$678,536