Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,909/mo
Lowest payment- Down payment
- $223,151
- Funds due
- $237,309
- Interest + MI left
- $676,145
- First ends
- Jul 2054
Assumption
Assumption + second
$5,032/mo
+$1,123/mo- Down payment
- $70,151
- Funds due
- $85,592
- Interest + MI left
- $927,302
- First ends
- Jul 2054
New loan
New conventional
$4,849/mo
+$941/mo- Down payment
- $70,151
- Funds due
- $81,841
- Interest + MI left
- $955,057
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $476,749 | $476,749 | $629,749 |
| Second mortgage | — | $153,000 | — |
| First P&I | $3,321.82 | $3,321.82 | $4,360.25 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $223.85 | $223.85 | $125.95 |
| Taxes, insurance & HOA | $363.25 | $363.25 | $363.25 |
| Total housing payment | $3,908.91 | $5,031.57 | $4,849.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,151
Closing costs & prepaids$15,442
Usable credit−$0
Total buyer cash needed$85,592
Earnest money paid−$0
Remaining funds due$85,592
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,999.00
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)$489.75
Initial HOA (3 months)$99.99
Prepaid interest, first (1 days)$94.30
Prepaid interest, second (1 days)$33.53
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 8 moOf the original 30-year loan at 7.220%
Interest already paid$81,360Through Nov 2026
Assumption only · ends Jul 2054$676,145
Assumption + second · ends Jul 2054, second Dec 2056$927,302
New conventional · ends Dec 2056$955,057