Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,093/mo
Lowest payment- Down payment
- $163,456
- Funds due
- $174,710
- Interest + MI left
- $301,924
- First ends
- May 2055
Assumption
Assumption + second
$3,003/mo
+$910/mo- Down payment
- $39,456
- Funds due
- $51,987
- Interest + MI left
- $505,476
- First ends
- May 2055
New loan
New conventional
$3,006/mo
+$913/mo- Down payment
- $39,456
- Funds due
- $48,545
- Interest + MI left
- $530,037
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,544 | $225,544 | $349,544 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,472.31 | $1,472.31 | $2,420.17 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $105.12 | $105.12 | $69.91 |
| Taxes, insurance & HOA | $515.75 | $515.75 | $515.75 |
| Total housing payment | $2,093.17 | $3,003.04 | $3,005.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,456
Closing costs & prepaids$12,531
Usable credit−$0
Total buyer cash needed$51,987
Earnest money paid−$0
Remaining funds due$51,987
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$986.25
Initial HOA (3 months)$111.00
Prepaid interest, first (1 days)$41.09
Prepaid interest, second (1 days)$27.18
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 closing28 yr 6 moOf the original 30-year loan at 6.650%
Interest already paid$22,701Through Nov 2026
Assumption only · ends May 2055$301,924
Assumption + second · ends May 2055, second Dec 2056$505,476
New conventional · ends Dec 2056$530,037