Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,144/mo
Lowest payment- Down payment
- $260,095
- Funds due
- $276,697
- Interest + MI left
- $586,474
- First ends
- Feb 2053
Assumption
Assumption + second
$5,501/mo
+$1,357/mo- Down payment
- $75,095
- Funds due
- $93,312
- Interest + MI left
- $890,162
- First ends
- Feb 2053
New loan
New conventional
$5,295/mo
+$1,151/mo- Down payment
- $75,095
- Funds due
- $89,579
- Interest + MI left
- $986,808
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $489,895 | $489,895 | $674,895 |
| Second mortgage | — | $185,000 | — |
| First P&I | $3,190.80 | $3,190.80 | $4,571.97 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $364.76 | $364.76 | $134.98 |
| Taxes, insurance & HOA | $588.34 | $588.34 | $588.34 |
| Total housing payment | $4,143.89 | $5,501.36 | $5,295.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,095
Closing costs & prepaids$18,217
Usable credit−$0
Total buyer cash needed$93,312
Earnest money paid−$0
Remaining funds due$93,312
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,499.90
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)$900.00
Initial HOA (3 months)$215.01
Prepaid interest, first (9 days)$762.22
Prepaid interest, second (9 days)$364.93
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 closing26 yr 2 moOf the original 30-year loan at 6.31%
Interest already paid$121,716Through Dec 2026
Assumption only · ends Feb 2053$586,474
Assumption + second · ends Feb 2053, second Jan 2057$890,162
New conventional · ends Jan 2057$986,808