Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,811/mo
Lowest payment- Down payment
- $90,152
- Funds due
- $99,812
- Interest + MI left
- $279,246
- First ends
- Nov 2053
Assumption
Assumption + second
$2,293/mo
+$483/mo- Down payment
- $30,152
- Funds due
- $41,091
- Interest + MI left
- $393,044
- First ends
- Nov 2053
New loan
New conventional
$2,175/mo
+$364/mo- Down payment
- $30,152
- Funds due
- $37,737
- Interest + MI left
- $403,123
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,848 | $205,848 | $265,848 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,431.99 | $1,431.99 | $1,840.68 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $97.47 | $97.47 | $53.17 |
| Taxes, insurance & HOA | $281.25 | $281.25 | $281.25 |
| Total housing payment | $1,810.71 | $2,293.49 | $2,175.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,152
Closing costs & prepaids$10,939
Usable credit−$0
Total buyer cash needed$41,091
Earnest money paid−$0
Remaining funds due$41,091
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,960.00
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)$223.75
Initial HOA (3 months)$170.01
Prepaid interest, first (2 days)$80.31
Prepaid interest, second (2 days)$29.59
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 closing27 yrOf the original 30-year loan at 7.120%
Interest already paid$44,742Through Nov 2026
Assumption only · ends Nov 2053$279,246
Assumption + second · ends Nov 2053, second Dec 2056$393,044
New conventional · ends Dec 2056$403,123