Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,040/mo
Lowest payment- Down payment
- $298,270
- Funds due
- $314,999
- Interest + MI left
- $659,146
- First ends
- Mar 2055
Assumption
Assumption + second
$5,602/mo
+$1,562/mo- Down payment
- $80,270
- Funds due
- $98,527
- Interest + MI left
- $1,003,387
- First ends
- Mar 2055
New loan
New conventional
$5,556/mo
+$1,516/mo- Down payment
- $80,270
- Funds due
- $94,702
- Interest + MI left
- $1,052,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $501,730 | $501,730 | $719,730 |
| Second mortgage | — | $218,000 | — |
| First P&I | $3,268.67 | $3,268.67 | $4,875.70 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | $234.58 | $234.58 | $143.95 |
| Taxes, insurance & HOA | $536.67 | $536.67 | $536.67 |
| Total housing payment | $4,039.91 | $5,601.69 | $5,556.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,270
Closing costs & prepaids$18,257
Usable credit−$0
Total buyer cash needed$98,527
Earnest money paid−$0
Remaining funds due$98,527
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,000.00
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)$960.00
Prepaid interest, first (6 days)$544.34
Prepaid interest, second (6 days)$277.73
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 3 moOf the original 30-year loan at 6.6%
Interest already paid$58,570Through Dec 2026
Assumption only · ends Mar 2055$659,146
Assumption + second · ends Mar 2055, second Jan 2057$1,003,387
New conventional · ends Jan 2057$1,052,364