Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,433/mo
Lowest payment- Down payment
- $68,062
- Funds due
- $78,820
- Interest + MI left
- $357,279
- First ends
- Aug 2053
Assumption
Assumption + second
$2,698/mo
+$266/mo- Down payment
- $35,062
- Funds due
- $47,119
- Interest + MI left
- $419,868
- First ends
- Aug 2053
New loan
New conventional
$2,586/mo
+$153/mo- Down payment
- $35,062
- Funds due
- $43,727
- Interest + MI left
- $460,345
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,838 | $281,838 | $314,838 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,908.45 | $1,908.45 | $2,132.82 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $134.31 | $134.31 | $62.97 |
| Taxes, insurance & HOA | $390.00 | $390.00 | $390.00 |
| Total housing payment | $2,432.76 | $2,698.29 | $2,585.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,062
Closing costs & prepaids$12,057
Usable credit−$0
Total buyer cash needed$47,119
Earnest money paid−$0
Remaining funds due$47,119
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$314.58
Prepaid interest, second (6 days)$48.82
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 8 moOf the original 30-year loan at 6.79%
Interest already paid$65,136Through Dec 2026
Assumption only · ends Aug 2053$357,279
Assumption + second · ends Aug 2053, second Jan 2057$419,868
New conventional · ends Jan 2057$460,345