Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,689/mo
Lowest payment- Down payment
- $272,965
- Funds due
- $290,190
- Interest + MI left
- $661,855
- First ends
- Apr 2053
Assumption
Assumption + second
$6,054/mo
+$1,365/mo- Down payment
- $86,965
- Funds due
- $105,481
- Interest + MI left
- $967,184
- First ends
- Apr 2053
New loan
New conventional
$6,176/mo
+$1,487/mo- Down payment
- $86,965
- Funds due
- $101,579
- Interest + MI left
- $1,179,942
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $592,035 | $592,035 | $778,035 |
| Second mortgage | — | $186,000 | — |
| First P&I | $3,771.25 | $3,771.25 | $5,386.96 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $284.63 | $284.63 | $155.61 |
| Taxes, insurance & HOA | $633.59 | $633.59 | $633.59 |
| Total housing payment | $4,689.47 | $6,054.27 | $6,176.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$86,965
Closing costs & prepaids$18,516
Usable credit−$0
Total buyer cash needed$105,481
Earnest money paid−$0
Remaining funds due$105,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,650.00
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)$1,070.25
Initial HOA (3 months)$180.51
Prepaid interest, first (1 days)$99.27
Prepaid interest, second (1 days)$40.77
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 5 moOf the original 30-year loan at 6.120%
Interest already paid$133,199Through Nov 2026
Assumption only · ends Apr 2053$661,855
Assumption + second · ends Apr 2053, second Dec 2056$967,184
New conventional · ends Dec 2056$1,179,942