Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,200/mo
Lowest payment- Down payment
- $89,852
- Funds due
- $103,554
- Interest + MI left
- $654,667
- First ends
- Oct 2053
Assumption
Assumption + second
$4,434/mo
+$233/mo- Down payment
- $60,852
- Funds due
- $75,818
- Interest + MI left
- $709,670
- First ends
- Oct 2053
New loan
New conventional
$4,349/mo
+$149/mo- Down payment
- $60,852
- Funds due
- $72,174
- Interest + MI left
- $816,030
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $509,148 | $509,148 | $538,148 |
| Second mortgage | — | $29,000 | — |
| First P&I | $3,442.90 | $3,442.90 | $3,726.03 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $241.80 | $241.80 | $107.63 |
| Taxes, insurance & HOA | $515.67 | $515.67 | $515.67 |
| Total housing payment | $4,200.37 | $4,433.71 | $4,349.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,852
Closing costs & prepaids$14,966
Usable credit−$0
Total buyer cash needed$75,818
Earnest money paid−$0
Remaining funds due$75,818
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$267.00
Initial HOA (3 months)$780.00
Prepaid interest, first (2 days)$189.99
Prepaid interest, second (2 days)$14.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 6.810%
Interest already paid$108,962Through Nov 2026
Assumption only · ends Oct 2053$654,667
Assumption + second · ends Oct 2053, second Dec 2056$709,670
New conventional · ends Dec 2056$816,030