Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,571/mo
Lowest payment- Down payment
- $449,641
- Funds due
- $468,607
- Interest + MI left
- $726,553
- First ends
- Apr 2054
Assumption
Assumption + second
$7,078/mo
+$2,507/mo- Down payment
- $99,641
- Funds due
- $120,303
- Interest + MI left
- $1,279,233
- First ends
- Apr 2054
New loan
New conventional
$6,844/mo
+$2,273/mo- Down payment
- $99,641
- Funds due
- $116,245
- Interest + MI left
- $1,306,239
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $543,359 | $543,359 | $893,359 |
| Second mortgage | — | $350,000 | — |
| First P&I | $3,700.68 | $3,700.68 | $6,051.93 |
| Second P&I | — | $2,507.44 | — |
| Mortgage insurance | $256.49 | $256.49 | $178.67 |
| Taxes, insurance & HOA | $613.83 | $613.83 | $613.83 |
| Total housing payment | $4,571.00 | $7,078.45 | $6,844.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,641
Closing costs & prepaids$20,662
Usable credit−$0
Total buyer cash needed$120,303
Earnest money paid−$0
Remaining funds due$120,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,930.00
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)$1,191.50
Prepaid interest, first (6 days)$619.88
Prepaid interest, second (6 days)$445.89
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 closing27 yr 4 moOf the original 30-year loan at 6.94%
Interest already paid$102,156Through Dec 2026
Assumption only · ends Apr 2054$726,553
Assumption + second · ends Apr 2054, second Jan 2057$1,279,233
New conventional · ends Jan 2057$1,306,239