Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,859/mo
Lowest payment- Down payment
- $414,410
- Funds due
- $427,131
- Interest + MI left
- $59,771
- First ends
- Oct 2037
Assumption
Assumption + second
$4,438/mo
+$2,579/mo- Down payment
- $54,410
- Funds due
- $68,916
- Interest + MI left
- $628,241
- First ends
- Oct 2037
New loan
New conventional
$3,766/mo
+$1,907/mo- Down payment
- $54,410
- Funds due
- $65,297
- Interest + MI left
- $702,606
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,590 | $120,590 | $480,590 |
| Second mortgage | — | $360,000 | — |
| First P&I | $1,300.25 | $1,300.25 | $3,255.68 |
| Second P&I | — | $2,579.08 | — |
| Mortgage insurance | $144.36 | $144.36 | $96.12 |
| Taxes, insurance & HOA | $414.67 | $414.67 | $414.67 |
| Total housing payment | $1,859.27 | $4,438.36 | $3,766.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,410
Closing costs & prepaids$14,506
Usable credit−$0
Total buyer cash needed$68,916
Earnest money paid−$0
Remaining funds due$68,916
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$642.00
Initial HOA (3 months)$102.00
Prepaid interest, first (7 days)$152.41
Prepaid interest, second (7 days)$535.07
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 closing10 yr 10 moOf the original 30-year loan at 6.59%
Interest already paid$215,846Through Dec 2026
Assumption only · ends Oct 2037$59,771
Assumption + second · ends Oct 2037, second Jan 2057$628,241
New conventional · ends Jan 2057$702,606