Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,235/mo
Lowest payment- Down payment
- $168,175
- Funds due
- $183,381
- Interest + MI left
- $744,620
- First ends
- Aug 2055
Assumption
Assumption + second
$5,024/mo
+$789/mo- Down payment
- $70,175
- Funds due
- $86,849
- Interest + MI left
- $930,491
- First ends
- Aug 2055
New loan
New conventional
$4,832/mo
+$597/mo- Down payment
- $70,175
- Funds due
- $83,090
- Interest + MI left
- $919,446
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $530,825 | $530,825 | $628,825 |
| Second mortgage | — | $98,000 | — |
| First P&I | $3,542.03 | $3,542.03 | $4,259.88 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $246.75 | $246.75 | $125.77 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $4,235.03 | $5,023.56 | $4,831.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,175
Closing costs & prepaids$16,673
Usable credit−$0
Total buyer cash needed$86,849
Earnest money paid−$0
Remaining funds due$86,849
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$838.75
Prepaid interest, first (9 days)$901.82
Prepaid interest, second (9 days)$217.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing28 yr 8 moOf the original 30-year loan at 6.89%
Interest already paid$49,138Through Dec 2026
Assumption only · ends Aug 2055$744,620
Assumption + second · ends Aug 2055, second Jan 2057$930,491
New conventional · ends Jan 2057$919,446