Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,998/mo
Lowest payment- Down payment
- $215,507
- Funds due
- $230,741
- Interest + MI left
- $502,562
- First ends
- Nov 2052
Assumption
Assumption + second
$5,070/mo
+$1,071/mo- Down payment
- $69,507
- Funds due
- $86,055
- Interest + MI left
- $742,229
- First ends
- Nov 2052
New loan
New conventional
$5,154/mo
+$1,156/mo- Down payment
- $69,507
- Funds due
- $82,351
- Interest + MI left
- $939,503
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $473,493 | $473,493 | $619,493 |
| Second mortgage | — | $146,000 | — |
| First P&I | $2,901.74 | $2,901.74 | $4,289.24 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $355.69 | $355.69 | $123.90 |
| Taxes, insurance & HOA | $740.83 | $740.83 | $740.83 |
| Total housing payment | $3,998.26 | $5,069.55 | $5,153.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,507
Closing costs & prepaids$16,548
Usable credit−$0
Total buyer cash needed$86,055
Earnest money paid−$0
Remaining funds due$86,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,890.00
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)$1,722.50
Prepaid interest, first (2 days)$146.85
Prepaid interest, second (2 days)$64.00
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 yrOf the original 30-year loan at 5.660%
Interest already paid$110,632Through Nov 2026
Assumption only · ends Nov 2052$502,562
Assumption + second · ends Nov 2052, second Dec 2056$742,229
New conventional · ends Dec 2056$939,503