Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,168/mo
Lowest payment- Down payment
- $155,909
- Funds due
- $170,802
- Interest + MI left
- $651,773
- First ends
- Sep 2053
Assumption
Assumption + second
$4,876/mo
+$708/mo- Down payment
- $67,909
- Funds due
- $84,248
- Interest + MI left
- $818,677
- First ends
- Sep 2053
New loan
New conventional
$4,671/mo
+$502/mo- Down payment
- $67,909
- Funds due
- $80,540
- Interest + MI left
- $887,667
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,091 | $519,091 | $607,091 |
| Second mortgage | — | $88,000 | — |
| First P&I | $3,484.38 | $3,484.38 | $4,112.65 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $247.24 | $247.24 | $121.42 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $4,168.29 | $4,876.35 | $4,670.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,909
Closing costs & prepaids$16,339
Usable credit−$0
Total buyer cash needed$84,248
Earnest money paid−$0
Remaining funds due$84,248
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$810.00
Prepaid interest, first (9 days)$858.85
Prepaid interest, second (9 days)$195.29
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 closing26 yr 9 moOf the original 30-year loan at 6.71%
Interest already paid$115,555Through Dec 2026
Assumption only · ends Sep 2053$651,773
Assumption + second · ends Sep 2053, second Jan 2057$818,677
New conventional · ends Jan 2057$887,667