Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,267/mo
Lowest payment- Down payment
- $1,353,932
- Funds due
- $1,378,081
- Interest + MI left
- $40,922
- First ends
- Jun 2033
Assumption
Assumption + second
$11,893/mo
+$8,626/mo- Down payment
- $149,932
- Funds due
- $176,864
- Interest + MI left
- $1,942,139
- First ends
- Jun 2033
New loan
New conventional
$10,211/mo
+$6,944/mo- Down payment
- $149,932
- Funds due
- $172,234
- Interest + MI left
- $1,966,712
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,068 | $141,068 | $1,345,068 |
| Second mortgage | — | $1,204,000 | — |
| First P&I | $2,174.49 | $2,174.49 | $9,111.96 |
| Second P&I | — | $8,625.60 | — |
| Mortgage insurance | $262.79 | $262.79 | $269.01 |
| Taxes, insurance & HOA | $829.67 | $829.67 | $829.67 |
| Total housing payment | $3,266.95 | $11,892.55 | $10,210.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$149,932
Closing costs & prepaids$26,932
Usable credit−$0
Total buyer cash needed$176,864
Earnest money paid−$0
Remaining funds due$176,864
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$14,950.00
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)$1,794.00
Initial HOA (3 months)$45.00
Prepaid interest, first (6 days)$134.27
Prepaid interest, second (6 days)$1,533.86
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 closing6 yr 6 moOf the original 30-year loan at 5.79%
Interest already paid$383,274Through Dec 2026
Assumption only · ends Jun 2033$40,922
Assumption + second · ends Jun 2033, second Jan 2057$1,942,139
New conventional · ends Jan 2057$1,966,712