Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,054/mo
Lowest payment- Down payment
- $99,090
- Funds due
- $114,629
- Interest + MI left
- $742,948
- First ends
- Sep 2053
Assumption
Assumption + second
$5,303/mo
+$249/mo- Down payment
- $68,090
- Funds due
- $84,894
- Interest + MI left
- $801,744
- First ends
- Sep 2053
New loan
New conventional
$5,204/mo
+$151/mo- Down payment
- $68,090
- Funds due
- $81,179
- Interest + MI left
- $926,486
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $579,910 | $579,910 | $610,910 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,925.66 | $3,925.66 | $4,229.82 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $275.71 | $275.71 | $122.18 |
| Taxes, insurance & HOA | $852.50 | $852.50 | $852.50 |
| Total housing payment | $5,053.87 | $5,303.30 | $5,204.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,090
Closing costs & prepaids$16,804
Usable credit−$0
Total buyer cash needed$84,894
Earnest money paid−$0
Remaining funds due$84,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,790.00
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)$1,697.50
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$216.39
Prepaid interest, second (2 days)$15.29
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 10 moOf the original 30-year loan at 6.810%
Interest already paid$127,536Through Nov 2026
Assumption only · ends Sep 2053$742,948
Assumption + second · ends Sep 2053, second Dec 2056$801,744
New conventional · ends Dec 2056$926,486