Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,891/mo
Lowest payment- Down payment
- $123,949
- Funds due
- $137,290
- Interest + MI left
- $710,258
- First ends
- Nov 2055
Assumption
Assumption + second
$4,358/mo
+$467/mo- Down payment
- $65,949
- Funds due
- $80,554
- Interest + MI left
- $820,263
- First ends
- Nov 2055
New loan
New conventional
$4,418/mo
+$527/mo- Down payment
- $65,949
- Funds due
- $76,854
- Interest + MI left
- $885,636
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $526,051 | $526,051 | $584,051 |
| Second mortgage | — | $58,000 | — |
| First P&I | $3,390.05 | $3,390.05 | $4,043.85 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $243.79 | $243.79 | $116.81 |
| Taxes, insurance & HOA | $257.17 | $257.17 | $257.17 |
| Total housing payment | $3,891.00 | $4,357.69 | $4,417.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,949
Closing costs & prepaids$14,606
Usable credit−$0
Total buyer cash needed$80,554
Earnest money paid−$0
Remaining funds due$80,554
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$271.50
Prepaid interest, first (1 days)$94.83
Prepaid interest, second (1 days)$14.30
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 closing29 yrOf the original 30-year loan at 6.580%
Interest already paid$34,825Through Nov 2026
Assumption only · ends Nov 2055$710,258
Assumption + second · ends Nov 2055, second Dec 2056$820,263
New conventional · ends Dec 2056$885,636