Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,258/mo
Lowest payment- Down payment
- $566,366
- Funds due
- $582,130
- Interest + MI left
- $78,762
- First ends
- Oct 2039
Assumption
Assumption + second
$5,790/mo
+$3,532/mo- Down payment
- $73,366
- Funds due
- $90,485
- Interest + MI left
- $857,251
- First ends
- Oct 2039
New loan
New conventional
$5,296/mo
+$3,038/mo- Down payment
- $73,366
- Funds due
- $86,707
- Interest + MI left
- $994,313
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,634 | $162,634 | $655,634 |
| Second mortgage | — | $493,000 | — |
| First P&I | $1,447.13 | $1,447.13 | $4,539.48 |
| Second P&I | — | $3,531.91 | — |
| Mortgage insurance | $185.63 | $185.63 | $131.13 |
| Taxes, insurance & HOA | $625.42 | $625.42 | $625.42 |
| Total housing payment | $2,258.17 | $5,790.08 | $5,296.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,366
Closing costs & prepaids$17,119
Usable credit−$0
Total buyer cash needed$90,485
Earnest money paid−$0
Remaining funds due$90,485
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,290.00
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)$797.25
Initial HOA (3 months)$429.00
Prepaid interest, first (1 days)$23.39
Prepaid interest, second (1 days)$104.68
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 closing12 yr 11 moOf the original 30-year loan at 5.250%
Interest already paid$197,231Through Nov 2026
Assumption only · ends Oct 2039$78,762
Assumption + second · ends Oct 2039, second Dec 2056$857,251
New conventional · ends Dec 2056$994,313