Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,093/mo
+$52/mo- Down payment
- $61,872
- Funds due
- $75,142
- Interest + MI left
- $627,237
- First ends
- Feb 2053
Assumption
Assumption + second
$4,439/mo
+$398/mo- Down payment
- $27,872
- Funds due
- $42,458
- Interest + MI left
- $717,963
- First ends
- Feb 2053
New loan
New conventional
$4,041/mo
Lowest payment- Down payment
- $27,872
- Funds due
- $39,133
- Interest + MI left
- $758,816
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,128 | $483,128 | $517,128 |
| Second mortgage | — | $34,000 | — |
| First P&I | $3,299.97 | $3,299.97 | $3,503.21 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $358.18 | $358.18 | $103.43 |
| Taxes, insurance & HOA | $434.67 | $434.67 | $434.67 |
| Total housing payment | $4,092.82 | $4,439.28 | $4,041.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,872
Closing costs & prepaids$14,586
Usable credit−$0
Total buyer cash needed$42,458
Earnest money paid−$0
Remaining funds due$42,458
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$654.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$540.84
Prepaid interest, second (6 days)$66.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2 moOf the original 30-year loan at 6.81%
Interest already paid$129,255Through Dec 2026
Assumption only · ends Feb 2053$627,237
Assumption + second · ends Feb 2053, second Jan 2057$717,963
New conventional · ends Jan 2057$758,816