Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,722/mo
Lowest payment- Down payment
- $50,017
- Funds due
- $60,632
- Interest + MI left
- $427,143
- First ends
- Oct 2053
Assumption
Assumption + second
$3,028/mo
+$306/mo- Down payment
- $20,017
- Funds due
- $31,892
- Interest + MI left
- $507,195
- First ends
- Oct 2053
New loan
New conventional
$2,966/mo
+$243/mo- Down payment
- $20,017
- Funds due
- $28,646
- Interest + MI left
- $578,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,883 | $349,883 | $379,883 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,296.29 | $2,296.29 | $2,630.23 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $166.51 | $166.51 | $75.98 |
| Taxes, insurance & HOA | $259.50 | $259.50 | $259.50 |
| Total housing payment | $2,722.30 | $3,028.00 | $2,965.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,017
Closing costs & prepaids$11,875
Usable credit−$0
Total buyer cash needed$31,892
Earnest money paid−$0
Remaining funds due$31,892
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$328.50
Prepaid interest, first (1 days)$62.31
Prepaid interest, second (1 days)$9.76
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 closing26 yr 11 moOf the original 30-year loan at 6.500%
Interest already paid$71,548Through Nov 2026
Assumption only · ends Oct 2053$427,143
Assumption + second · ends Oct 2053, second Dec 2056$507,195
New conventional · ends Dec 2056$578,169