Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,087/mo
Lowest payment- Down payment
- $135,906
- Funds due
- $152,788
- Interest + MI left
- $880,098
- First ends
- Nov 2055
Assumption
Assumption + second
$5,537/mo
+$451/mo- Down payment
- $79,906
- Funds due
- $98,121
- Interest + MI left
- $986,310
- First ends
- Nov 2055
New loan
New conventional
$5,551/mo
+$465/mo- Down payment
- $79,906
- Funds due
- $94,329
- Interest + MI left
- $1,051,434
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $663,094 | $663,094 | $719,094 |
| Second mortgage | — | $56,000 | — |
| First P&I | $4,242.72 | $4,242.72 | $4,871.39 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $307.65 | $307.65 | $143.82 |
| Taxes, insurance & HOA | $536.25 | $536.25 | $536.25 |
| Total housing payment | $5,086.62 | $5,537.21 | $5,551.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,906
Closing costs & prepaids$18,215
Usable credit−$0
Total buyer cash needed$98,121
Earnest money paid−$0
Remaining funds due$98,121
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,990.00
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)$958.75
Prepaid interest, first (6 days)$708.51
Prepaid interest, second (6 days)$82.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 6.5%
Interest already paid$47,005Through Dec 2026
Assumption only · ends Nov 2055$880,098
Assumption + second · ends Nov 2055, second Jan 2057$986,310
New conventional · ends Jan 2057$1,051,434