Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,130/mo
Lowest payment- Down payment
- $333,235
- Funds due
- $344,570
- Interest + MI left
- $154,099
- First ends
- Mar 2055
Assumption
Assumption + second
$3,193/mo
+$2,063/mo- Down payment
- $45,235
- Funds due
- $58,187
- Interest + MI left
- $608,875
- First ends
- Mar 2055
New loan
New conventional
$3,116/mo
+$1,987/mo- Down payment
- $45,235
- Funds due
- $54,663
- Interest + MI left
- $584,443
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,765 | $111,765 | $399,765 |
| Second mortgage | — | $288,000 | — |
| First P&I | $749.30 | $749.30 | $2,708.15 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | $52.20 | $52.20 | $79.95 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,129.50 | $3,192.77 | $3,116.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,235
Closing costs & prepaids$12,952
Usable credit−$0
Total buyer cash needed$58,187
Earnest money paid−$0
Remaining funds due$58,187
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Prepaid interest, first (6 days)$126.59
Prepaid interest, second (6 days)$366.90
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 closing28 yr 3 moOf the original 30-year loan at 6.89%
Interest already paid$13,613Through Dec 2026
Assumption only · ends Mar 2055$154,099
Assumption + second · ends Mar 2055, second Jan 2057$608,875
New conventional · ends Jan 2057$584,443