Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,432/mo
Lowest payment- Down payment
- $57,719
- Funds due
- $70,820
- Interest + MI left
- $526,983
- First ends
- Dec 2055
Assumption
Assumption + second
$3,778/mo
+$346/mo- Down payment
- $23,719
- Funds due
- $38,136
- Interest + MI left
- $617,709
- First ends
- Dec 2055
New loan
New conventional
$3,771/mo
+$339/mo- Down payment
- $23,719
- Funds due
- $34,883
- Interest + MI left
- $651,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,781 | $409,781 | $443,781 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,566.22 | $2,566.22 | $3,006.33 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $190.02 | $190.02 | $88.76 |
| Taxes, insurance & HOA | $675.67 | $675.67 | $675.67 |
| Total housing payment | $3,431.91 | $3,778.37 | $3,770.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,719
Closing costs & prepaids$14,418
Usable credit−$0
Total buyer cash needed$38,136
Earnest money paid−$0
Remaining funds due$38,136
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,675.00
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)$561.00
Initial HOA (3 months)$966.00
Prepaid interest, first (6 days)$424.38
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 closing29 yrOf the original 30-year loan at 6.3%
Interest already paid$25,982Through Dec 2026
Assumption only · ends Dec 2055$526,983
Assumption + second · ends Dec 2055, second Jan 2057$617,709
New conventional · ends Jan 2057$651,278