Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,273/mo
Lowest payment- Down payment
- $83,633
- Funds due
- $96,301
- Interest + MI left
- $469,836
- First ends
- Jul 2053
Assumption
Assumption + second
$3,554/mo
+$282/mo- Down payment
- $48,633
- Funds due
- $62,602
- Interest + MI left
- $536,218
- First ends
- Jul 2053
New loan
New conventional
$3,518/mo
+$246/mo- Down payment
- $48,633
- Funds due
- $59,111
- Interest + MI left
- $638,041
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,367 | $401,367 | $436,367 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,605.74 | $2,605.74 | $2,956.10 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $192.14 | $192.14 | $87.27 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $3,272.54 | $3,554.16 | $3,518.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,633
Closing costs & prepaids$13,969
Usable credit−$0
Total buyer cash needed$62,602
Earnest money paid−$0
Remaining funds due$62,602
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$342.00
Prepaid interest, first (6 days)$418.30
Prepaid interest, second (6 days)$51.78
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 7 moOf the original 30-year loan at 6.34%
Interest already paid$88,992Through Dec 2026
Assumption only · ends Jul 2053$469,836
Assumption + second · ends Jul 2053, second Jan 2057$536,218
New conventional · ends Jan 2057$638,041