Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,061/mo
Lowest payment- Down payment
- $81,020
- Funds due
- $93,359
- Interest + MI left
- $513,884
- First ends
- Jan 2056
Assumption
Assumption + second
$3,318/mo
+$257/mo- Down payment
- $49,020
- Funds due
- $62,656
- Interest + MI left
- $574,576
- First ends
- Jan 2056
New loan
New conventional
$3,408/mo
+$347/mo- Down payment
- $49,020
- Funds due
- $59,170
- Interest + MI left
- $637,475
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,980 | $403,980 | $435,980 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,506.50 | $2,506.50 | $2,953.48 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $187.17 | $187.17 | $87.20 |
| Taxes, insurance & HOA | $366.92 | $366.92 | $366.92 |
| Total housing payment | $3,060.59 | $3,318.07 | $3,407.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,020
Closing costs & prepaids$13,636
Usable credit−$0
Total buyer cash needed$62,656
Earnest money paid−$0
Remaining funds due$62,656
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)$18.75
Prepaid interest, first (6 days)$413.06
Prepaid interest, second (6 days)$47.34
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 yr 1 moOf the original 30-year loan at 6.22%
Interest already paid$23,172Through Dec 2026
Assumption only · ends Jan 2056$513,884
Assumption + second · ends Jan 2056, second Jan 2057$574,576
New conventional · ends Jan 2057$637,475