Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,195/mo
Lowest payment- Down payment
- $417,512
- Funds due
- $433,563
- Interest + MI left
- $510,735
- First ends
- Oct 2054
Assumption
Assumption + second
$5,609/mo
+$2,414/mo- Down payment
- $80,512
- Funds due
- $97,885
- Interest + MI left
- $1,042,887
- First ends
- Oct 2054
New loan
New conventional
$5,594/mo
+$2,399/mo- Down payment
- $80,512
- Funds due
- $94,033
- Interest + MI left
- $1,091,150
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,487 | $382,487 | $719,487 |
| Second mortgage | — | $337,000 | — |
| First P&I | $2,546.79 | $2,546.79 | $4,981.58 |
| Second P&I | — | $2,414.31 | — |
| Mortgage insurance | $179.42 | $179.42 | $143.90 |
| Taxes, insurance & HOA | $468.50 | $468.50 | $468.50 |
| Total housing payment | $3,194.71 | $5,609.02 | $5,593.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,512
Closing costs & prepaids$17,373
Usable credit−$0
Total buyer cash needed$97,885
Earnest money paid−$0
Remaining funds due$97,885
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,999.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$755.50
Prepaid interest, first (1 days)$71.05
Prepaid interest, second (1 days)$71.55
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 closing27 yr 11 moOf the original 30-year loan at 6.780%
Interest already paid$54,700Through Nov 2026
Assumption only · ends Oct 2054$510,735
Assumption + second · ends Oct 2054, second Dec 2056$1,042,887
New conventional · ends Dec 2056$1,091,150