Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,942/mo
Lowest payment- Down payment
- $597,451
- Funds due
- $618,922
- Interest + MI left
- $825,798
- First ends
- Sep 2055
Assumption
Assumption + second
$8,367/mo
+$3,424/mo- Down payment
- $119,451
- Funds due
- $142,883
- Interest + MI left
- $1,580,600
- First ends
- Sep 2055
New loan
New conventional
$8,199/mo
+$3,257/mo- Down payment
- $119,451
- Funds due
- $138,623
- Interest + MI left
- $1,562,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $590,549 | $590,549 | $1,068,549 |
| Second mortgage | — | $478,000 | — |
| First P&I | $3,921.32 | $3,921.32 | $7,238.72 |
| Second P&I | — | $3,424.45 | — |
| Mortgage insurance | $274.28 | $274.28 | $213.71 |
| Taxes, insurance & HOA | $746.83 | $746.83 | $746.83 |
| Total housing payment | $4,942.44 | $8,366.89 | $8,199.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$119,451
Closing costs & prepaids$23,432
Usable credit−$0
Total buyer cash needed$142,883
Earnest money paid−$0
Remaining funds due$142,883
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,880.00
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)$1,425.50
Initial HOA (3 months)$165.00
Prepaid interest, first (7 days)$775.80
Prepaid interest, second (7 days)$710.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 9 moOf the original 30-year loan at 6.85%
Interest already paid$50,931Through Dec 2026
Assumption only · ends Sep 2055$825,798
Assumption + second · ends Sep 2055, second Jan 2057$1,580,600
New conventional · ends Jan 2057$1,562,395