Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,587/mo
Lowest payment- Down payment
- $59,094
- Funds due
- $72,086
- Interest + MI left
- $570,637
- First ends
- Dec 2054
Assumption
Assumption + second
$3,913/mo
+$326/mo- Down payment
- $27,094
- Funds due
- $41,399
- Interest + MI left
- $656,026
- First ends
- Dec 2054
New loan
New conventional
$3,952/mo
+$365/mo- Down payment
- $27,094
- Funds due
- $38,139
- Interest + MI left
- $751,256
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $479,906 | $479,906 | $511,906 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,979.31 | $2,979.31 | $3,467.83 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $225.58 | $225.58 | $102.38 |
| Taxes, insurance & HOA | $382.25 | $382.25 | $382.25 |
| Total housing payment | $3,587.14 | $3,913.22 | $3,952.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,094
Closing costs & prepaids$14,305
Usable credit−$0
Total buyer cash needed$41,399
Earnest money paid−$0
Remaining funds due$41,399
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$646.75
Prepaid interest, first (6 days)$480.43
Prepaid interest, second (6 days)$62.47
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 yrOf the original 30-year loan at 6.09%
Interest already paid$59,245Through Dec 2026
Assumption only · ends Dec 2054$570,637
Assumption + second · ends Dec 2054, second Jan 2057$656,026
New conventional · ends Jan 2057$751,256