Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,993/mo
Lowest payment- Down payment
- $155,859
- Funds due
- $169,754
- Interest + MI left
- $696,020
- First ends
- Feb 2055
Assumption
Assumption + second
$4,701/mo
+$708/mo- Down payment
- $67,859
- Funds due
- $83,047
- Interest + MI left
- $862,925
- First ends
- Feb 2055
New loan
New conventional
$4,632/mo
+$639/mo- Down payment
- $67,859
- Funds due
- $79,329
- Interest + MI left
- $912,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,041 | $514,041 | $602,041 |
| Second mortgage | — | $88,000 | — |
| First P&I | $3,409.19 | $3,409.19 | $4,168.41 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $240.17 | $240.17 | $120.41 |
| Taxes, insurance & HOA | $343.42 | $343.42 | $343.42 |
| Total housing payment | $3,992.78 | $4,700.84 | $4,632.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,859
Closing costs & prepaids$15,189
Usable credit−$0
Total buyer cash needed$83,047
Earnest money paid−$0
Remaining funds due$83,047
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,699.00
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)$530.25
Prepaid interest, first (2 days)$190.97
Prepaid interest, second (2 days)$43.40
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 closing28 yr 3 moOf the original 30-year loan at 6.780%
Interest already paid$61,622Through Nov 2026
Assumption only · ends Feb 2055$696,020
Assumption + second · ends Feb 2055, second Dec 2056$862,925
New conventional · ends Dec 2056$912,915