Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,287/mo
Lowest payment- Down payment
- $142,187
- Funds due
- $156,074
- Interest + MI left
- $477,671
- First ends
- Oct 2055
Assumption
Assumption + second
$3,947/mo
+$660/mo- Down payment
- $60,187
- Funds due
- $75,445
- Interest + MI left
- $633,196
- First ends
- Oct 2055
New loan
New conventional
$4,267/mo
+$980/mo- Down payment
- $60,187
- Funds due
- $71,914
- Interest + MI left
- $787,834
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,813 | $456,813 | $538,813 |
| Second mortgage | — | $82,000 | — |
| First P&I | $2,564.92 | $2,564.92 | $3,650.11 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $212.89 | $212.89 | $107.76 |
| Taxes, insurance & HOA | $509.17 | $509.17 | $509.17 |
| Total housing payment | $3,286.98 | $3,946.77 | $4,267.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,187
Closing costs & prepaids$15,258
Usable credit−$0
Total buyer cash needed$75,445
Earnest money paid−$0
Remaining funds due$75,445
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$718.75
Initial HOA (3 months)$308.76
Prepaid interest, first (6 days)$394.24
Prepaid interest, second (6 days)$121.32
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 10 moOf the original 30-year loan at 5.25%
Interest already paid$28,234Through Dec 2026
Assumption only · ends Oct 2055$477,671
Assumption + second · ends Oct 2055, second Jan 2057$633,196
New conventional · ends Jan 2057$787,834