Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,215/mo
+$143/mo- Down payment
- $119,432
- Funds due
- $137,235
- Interest + MI left
- $532,972
- First ends
- Dec 2046
Assumption
Assumption + second
$6,464/mo
+$392/mo- Down payment
- $88,432
- Funds due
- $107,538
- Interest + MI left
- $591,768
- First ends
- Dec 2046
New loan
New conventional
$6,072/mo
Lowest payment- Down payment
- $88,432
- Funds due
- $103,915
- Interest + MI left
- $1,150,093
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $755,568 | $755,568 | $786,568 |
| Second mortgage | — | $31,000 | — |
| First P&I | $4,969.73 | $4,969.73 | $5,328.49 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $658.75 | $658.75 | $157.31 |
| Taxes, insurance & HOA | $586.25 | $586.25 | $586.25 |
| Total housing payment | $6,214.73 | $6,464.16 | $6,072.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,432
Closing costs & prepaids$19,106
Usable credit−$0
Total buyer cash needed$107,538
Earnest money paid−$0
Remaining funds due$107,538
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,750.00
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)$1,050.00
Initial HOA (3 months)$58.74
Prepaid interest, first (7 days)$718.72
Prepaid interest, second (7 days)$53.51
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 closing20 yrOf the original 30-year loan at 4.96%
Interest already paid$421,935Through Dec 2026
Assumption only · ends Dec 2046$532,972
Assumption + second · ends Dec 2046, second Jan 2057$591,768
New conventional · ends Jan 2057$1,150,093