Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,266/mo
Lowest payment- Down payment
- $167,214
- Funds due
- $179,932
- Interest + MI left
- $539,144
- First ends
- Nov 2053
Assumption
Assumption + second
$4,058/mo
+$792/mo- Down payment
- $59,214
- Funds due
- $73,229
- Interest + MI left
- $716,432
- First ends
- Nov 2053
New loan
New conventional
$3,991/mo
+$725/mo- Down payment
- $59,214
- Funds due
- $69,597
- Interest + MI left
- $797,285
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,786 | $417,786 | $525,786 |
| Second mortgage | — | $108,000 | — |
| First P&I | $2,822.05 | $2,822.05 | $3,640.44 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $198.20 | $198.20 | $105.16 |
| Taxes, insurance & HOA | $245.50 | $245.50 | $245.50 |
| Total housing payment | $3,265.75 | $4,058.21 | $3,991.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,214
Closing costs & prepaids$14,015
Usable credit−$0
Total buyer cash needed$73,229
Earnest money paid−$0
Remaining funds due$73,229
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$236.50
Prepaid interest, first (2 days)$155.90
Prepaid interest, second (2 days)$47.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 6.810%
Interest already paid$86,943Through Nov 2026
Assumption only · ends Nov 2053$539,144
Assumption + second · ends Nov 2053, second Dec 2056$716,432
New conventional · ends Dec 2056$797,285