Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,826/mo
Lowest payment- Down payment
- $269,042
- Funds due
- $282,612
- Interest + MI left
- $395,977
- First ends
- Jun 2053
Assumption
Assumption + second
$4,323/mo
+$1,497/mo- Down payment
- $60,042
- Funds due
- $74,951
- Interest + MI left
- $726,005
- First ends
- Jun 2053
New loan
New conventional
$4,323/mo
+$1,498/mo- Down payment
- $60,042
- Funds due
- $71,311
- Interest + MI left
- $812,665
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,858 | $326,858 | $535,858 |
| Second mortgage | — | $209,000 | — |
| First P&I | $2,163.45 | $2,163.45 | $3,710.17 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $156.23 | $156.23 | $107.17 |
| Taxes, insurance & HOA | $506.08 | $506.08 | $506.08 |
| Total housing payment | $2,825.77 | $4,323.07 | $4,323.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,042
Closing costs & prepaids$14,908
Usable credit−$0
Total buyer cash needed$74,951
Earnest money paid−$0
Remaining funds due$74,951
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,959.00
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)$778.25
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$117.13
Prepaid interest, second (2 days)$88.75
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 closing26 yr 7 moOf the original 30-year loan at 6.540%
Interest already paid$74,697Through Nov 2026
Assumption only · ends Jun 2053$395,977
Assumption + second · ends Jun 2053, second Dec 2056$726,005
New conventional · ends Dec 2056$812,665