Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,174/mo
Lowest payment- Down payment
- $232,315
- Funds due
- $245,620
- Interest + MI left
- $509,092
- First ends
- Sep 2053
Assumption
Assumption + second
$4,406/mo
+$1,233/mo- Down payment
- $64,315
- Funds due
- $78,944
- Interest + MI left
- $784,873
- First ends
- Sep 2053
New loan
New conventional
$4,358/mo
+$1,184/mo- Down payment
- $64,315
- Funds due
- $75,261
- Interest + MI left
- $871,548
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,685 | $406,685 | $574,685 |
| Second mortgage | — | $168,000 | — |
| First P&I | $2,716.37 | $2,716.37 | $3,979.00 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $193.54 | $193.54 | $114.94 |
| Taxes, insurance & HOA | $263.75 | $263.75 | $263.75 |
| Total housing payment | $3,173.65 | $4,406.38 | $4,357.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,315
Closing costs & prepaids$14,629
Usable credit−$0
Total buyer cash needed$78,944
Earnest money paid−$0
Remaining funds due$78,944
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,390.00
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)$291.25
Prepaid interest, first (2 days)$148.63
Prepaid interest, second (2 days)$73.64
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 yr 10 moOf the original 30-year loan at 6.670%
Interest already paid$87,645Through Nov 2026
Assumption only · ends Sep 2053$509,092
Assumption + second · ends Sep 2053, second Dec 2056$784,873
New conventional · ends Dec 2056$871,548