Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,284/mo
Lowest payment- Down payment
- $567,101
- Funds due
- $583,130
- Interest + MI left
- $77,930
- First ends
- Oct 2039
Assumption
Assumption + second
$5,823/mo
+$3,539/mo- Down payment
- $73,101
- Funds due
- $91,324
- Interest + MI left
- $857,998
- First ends
- Oct 2039
New loan
New conventional
$5,226/mo
+$2,942/mo- Down payment
- $73,101
- Funds due
- $87,550
- Interest + MI left
- $959,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,899 | $161,899 | $655,899 |
| Second mortgage | — | $494,000 | — |
| First P&I | $1,447.13 | $1,447.13 | $4,443.29 |
| Second P&I | — | $3,539.08 | — |
| Mortgage insurance | $185.63 | $185.63 | $131.18 |
| Taxes, insurance & HOA | $651.25 | $651.25 | $651.25 |
| Total housing payment | $2,284.01 | $5,823.08 | $5,225.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,101
Closing costs & prepaids$18,222
Usable credit−$0
Total buyer cash needed$91,324
Earnest money paid−$0
Remaining funds due$91,324
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,290.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$874.75
Initial HOA (3 months)$429.00
Prepaid interest, first (9 days)$209.58
Prepaid interest, second (9 days)$944.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing12 yr 10 moOf the original 30-year loan at 5.25%
Interest already paid$197,943Through Dec 2026
Assumption only · ends Oct 2039$77,930
Assumption + second · ends Oct 2039, second Jan 2057$857,998
New conventional · ends Jan 2057$959,033