Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$479/mo
Lowest payment- Down payment
- $607,051
- Funds due
- $620,403
- Interest + MI left
- $16,656
- First ends
- Sep 2055
Assumption
Assumption + second
$4,383/mo
+$3,904/mo- Down payment
- $62,051
- Funds due
- $76,884
- Interest + MI left
- $877,257
- First ends
- Sep 2055
New loan
New conventional
$4,362/mo
+$3,883/mo- Down payment
- $62,051
- Funds due
- $73,204
- Interest + MI left
- $844,651
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,949 | $11,949 | $556,949 |
| Second mortgage | — | $545,000 | — |
| First P&I | $78.96 | $78.96 | $3,856.20 |
| Second P&I | — | $3,904.45 | — |
| Mortgage insurance | $5.55 | $5.55 | $111.39 |
| Taxes, insurance & HOA | $394.16 | $394.16 | $394.16 |
| Total housing payment | $478.67 | $4,383.11 | $4,361.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,051
Closing costs & prepaids$14,833
Usable credit−$0
Total buyer cash needed$76,884
Earnest money paid−$0
Remaining funds due$76,884
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,190.00
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)$581.75
Initial HOA (3 months)$100.74
Prepaid interest, first (2 days)$4.46
Prepaid interest, second (2 days)$231.44
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 closing28 yr 10 moOf the original 30-year loan at 6.810%
Interest already paid$956Through Nov 2026
Assumption only · ends Sep 2055$16,656
Assumption + second · ends Sep 2055, second Dec 2056$877,257
New conventional · ends Dec 2056$844,651