Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,005/mo
Lowest payment- Down payment
- $55,027
- Funds due
- $65,277
- Interest + MI left
- $244,845
- First ends
- May 2053
Assumption
Assumption + second
$2,238/mo
+$233/mo- Down payment
- $26,027
- Funds due
- $37,570
- Interest + MI left
- $299,848
- First ends
- May 2053
New loan
New conventional
$2,184/mo
+$179/mo- Down payment
- $26,027
- Funds due
- $34,274
- Interest + MI left
- $342,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,973 | $204,973 | $233,973 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,354.69 | $1,354.69 | $1,585.01 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $98.23 | $98.23 | $46.79 |
| Taxes, insurance & HOA | $552.00 | $552.00 | $552.00 |
| Total housing payment | $2,004.92 | $2,238.26 | $2,183.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,027
Closing costs & prepaids$11,543
Usable credit−$0
Total buyer cash needed$37,570
Earnest money paid−$0
Remaining funds due$37,570
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$312.00
Initial HOA (3 months)$894.00
Prepaid interest, first (6 days)$219.01
Prepaid interest, second (6 days)$42.90
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 5 moOf the original 30-year loan at 6.5%
Interest already paid$48,898Through Dec 2026
Assumption only · ends May 2053$244,845
Assumption + second · ends May 2053, second Jan 2057$299,848
New conventional · ends Jan 2057$342,107