Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,267/mo
Lowest payment- Down payment
- $374,266
- Funds due
- $386,448
- Interest + MI left
- $161,121
- First ends
- Oct 2053
Assumption
Assumption + second
$3,588/mo
+$2,321/mo- Down payment
- $50,266
- Funds due
- $64,111
- Interest + MI left
- $672,744
- First ends
- Oct 2053
New loan
New conventional
$3,481/mo
+$2,215/mo- Down payment
- $50,266
- Funds due
- $60,532
- Interest + MI left
- $653,199
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,734 | $122,734 | $446,734 |
| Second mortgage | — | $324,000 | — |
| First P&I | $842.76 | $842.76 | $3,026.33 |
| Second P&I | — | $2,321.18 | — |
| Mortgage insurance | $58.29 | $58.29 | $89.35 |
| Taxes, insurance & HOA | $365.50 | $365.50 | $365.50 |
| Total housing payment | $1,266.56 | $3,587.73 | $3,481.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,266
Closing costs & prepaids$13,845
Usable credit−$0
Total buyer cash needed$64,111
Earnest money paid−$0
Remaining funds due$64,111
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,970.00
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)$596.50
Prepaid interest, first (6 days)$140.42
Prepaid interest, second (6 days)$412.77
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 10 moOf the original 30-year loan at 6.96%
Interest already paid$27,572Through Dec 2026
Assumption only · ends Oct 2053$161,121
Assumption + second · ends Oct 2053, second Jan 2057$672,744
New conventional · ends Jan 2057$653,199