Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,549/mo
Lowest payment- Down payment
- $151,571
- Funds due
- $164,689
- Interest + MI left
- $556,942
- First ends
- Sep 2053
Assumption
Assumption + second
$4,289/mo
+$740/mo- Down payment
- $59,571
- Funds due
- $73,962
- Interest + MI left
- $731,433
- First ends
- Sep 2053
New loan
New conventional
$4,185/mo
+$636/mo- Down payment
- $59,571
- Funds due
- $70,320
- Interest + MI left
- $812,014
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $443,429 | $443,429 | $535,429 |
| Second mortgage | — | $92,000 | — |
| First P&I | $2,967.48 | $2,967.48 | $3,707.20 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $210.99 | $210.99 | $107.09 |
| Taxes, insurance & HOA | $370.50 | $370.50 | $370.50 |
| Total housing payment | $3,548.98 | $4,289.23 | $4,184.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,571
Closing costs & prepaids$14,390
Usable credit−$0
Total buyer cash needed$73,962
Earnest money paid−$0
Remaining funds due$73,962
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$611.50
Prepaid interest, first (1 days)$81.27
Prepaid interest, second (1 days)$22.68
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 closing26 yr 10 moOf the original 30-year loan at 6.690%
Interest already paid$95,843Through Nov 2026
Assumption only · ends Sep 2053$556,942
Assumption + second · ends Sep 2053, second Dec 2056$731,433
New conventional · ends Dec 2056$812,014