Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,551/mo
Lowest payment- Down payment
- $436,820
- Funds due
- $449,972
- Interest + MI left
- $193,096
- First ends
- Mar 2053
Assumption
Assumption + second
$4,252/mo
+$2,701/mo- Down payment
- $59,820
- Funds due
- $74,302
- Interest + MI left
- $788,411
- First ends
- Mar 2053
New loan
New conventional
$4,193/mo
+$2,642/mo- Down payment
- $59,820
- Funds due
- $70,654
- Interest + MI left
- $803,948
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,180 | $153,180 | $530,180 |
| Second mortgage | — | $377,000 | — |
| First P&I | $1,021.37 | $1,021.37 | $3,670.86 |
| Second P&I | — | $2,700.87 | — |
| Mortgage insurance | $113.51 | $113.51 | $106.04 |
| Taxes, insurance & HOA | $416.50 | $416.50 | $416.50 |
| Total housing payment | $1,551.39 | $4,252.26 | $4,193.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,820
Closing costs & prepaids$14,482
Usable credit−$0
Total buyer cash needed$74,302
Earnest money paid−$0
Remaining funds due$74,302
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,900.00
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)$555.25
Initial HOA (3 months)$194.25
Prepaid interest, first (1 days)$27.61
Prepaid interest, second (1 days)$80.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 6.580%
Interest already paid$37,864Through Nov 2026
Assumption only · ends Mar 2053$193,096
Assumption + second · ends Mar 2053, second Dec 2056$788,411
New conventional · ends Dec 2056$803,948