Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,641/mo
+$545/mo- Down payment
- $168,558
- Funds due
- $183,591
- Interest + MI left
- $296,665
- First ends
- Nov 2040
Assumption
Assumption + second
$6,375/mo
+$1,279/mo- Down payment
- $68,558
- Funds due
- $84,863
- Interest + MI left
- $460,820
- First ends
- Nov 2040
New loan
New conventional
$5,096/mo
Lowest payment- Down payment
- $68,558
- Funds due
- $81,138
- Interest + MI left
- $934,710
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,333 | $516,333 | $616,333 |
| Second mortgage | — | $100,000 | — |
| First P&I | $4,688.80 | $4,688.80 | $4,267.37 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $246.70 | $246.70 | $123.27 |
| Taxes, insurance & HOA | $705.67 | $705.67 | $705.67 |
| Total housing payment | $5,641.16 | $6,374.93 | $5,096.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,558
Closing costs & prepaids$16,305
Usable credit−$0
Total buyer cash needed$84,863
Earnest money paid−$0
Remaining funds due$84,863
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,848.91
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)$1,617.00
Prepaid interest, first (1 days)$91.95
Prepaid interest, second (1 days)$21.92
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 closing14 yrOf the original 15-year loan at 6.500%
Interest already paid$34,341Through Nov 2026
Assumption only · ends Nov 2040$296,665
Assumption + second · ends Nov 2040, second Dec 2056$460,820
New conventional · ends Dec 2056$934,710