Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,864/mo
Lowest payment- Down payment
- $406,162
- Funds due
- $420,277
- Interest + MI left
- $294,880
- First ends
- Apr 2063
Assumption
Assumption + second
$4,350/mo
+$2,486/mo- Down payment
- $59,162
- Funds due
- $74,601
- Interest + MI left
- $842,823
- First ends
- Apr 2063
New loan
New conventional
$4,499/mo
+$2,636/mo- Down payment
- $59,162
- Funds due
- $70,962
- Interest + MI left
- $797,364
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,838 | $178,838 | $525,838 |
| Second mortgage | — | $347,000 | — |
| First P&I | $1,026.49 | $1,026.49 | $3,640.80 |
| Second P&I | — | $2,485.95 | — |
| Mortgage insurance | $83.91 | $83.91 | $105.17 |
| Taxes, insurance & HOA | $753.25 | $753.25 | $753.25 |
| Total housing payment | $1,863.64 | $4,349.59 | $4,499.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,162
Closing costs & prepaids$15,439
Usable credit−$0
Total buyer cash needed$74,601
Earnest money paid−$0
Remaining funds due$74,601
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)$1,398.75
Initial HOA (3 months)$360.99
Prepaid interest, first (1 days)$30.13
Prepaid interest, second (1 days)$73.68
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 closing36 yr 5 moOf the original 40-year loan at 6.150%
Interest already paid$39,906Through Nov 2026
Assumption only · ends Apr 2063$294,880
Assumption + second · ends Apr 2063, second Dec 2056$842,823
New conventional · ends Dec 2056$797,364