Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,924/mo
Lowest payment- Down payment
- $73,039
- Funds due
- $84,296
- Interest + MI left
- $505,807
- First ends
- May 2055
Assumption
Assumption + second
$3,157/mo
+$233/mo- Down payment
- $44,039
- Funds due
- $56,561
- Interest + MI left
- $560,809
- First ends
- May 2055
New loan
New conventional
$3,130/mo
+$206/mo- Down payment
- $44,039
- Funds due
- $53,079
- Interest + MI left
- $598,227
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,461 | $365,461 | $394,461 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,433.55 | $2,433.55 | $2,731.17 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $170.22 | $170.22 | $78.89 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $2,923.77 | $3,157.11 | $3,130.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,039
Closing costs & prepaids$12,521
Usable credit−$0
Total buyer cash needed$56,561
Earnest money paid−$0
Remaining funds due$56,561
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,385.00
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)$426.00
Initial HOA (3 months)$84.00
Prepaid interest, first (2 days)$137.17
Prepaid interest, second (2 days)$14.30
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 6 moOf the original 30-year loan at 6.850%
Interest already paid$37,878Through Nov 2026
Assumption only · ends May 2055$505,807
Assumption + second · ends May 2055, second Dec 2056$560,809
New conventional · ends Dec 2056$598,227