Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,263/mo
Lowest payment- Down payment
- $1,343,832
- Funds due
- $1,367,890
- Interest + MI left
- $40,922
- First ends
- Jun 2033
Assumption
Assumption + second
$11,824/mo
+$8,561/mo- Down payment
- $148,832
- Funds due
- $175,916
- Interest + MI left
- $1,927,928
- First ends
- Jun 2033
New loan
New conventional
$10,144/mo
+$6,881/mo- Down payment
- $148,832
- Funds due
- $171,284
- Interest + MI left
- $1,953,552
- 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 | $1,336,068 |
| Second mortgage | — | $1,195,000 | — |
| First P&I | $2,174.49 | $2,174.49 | $9,050.99 |
| Second P&I | — | $8,561.13 | — |
| Mortgage insurance | $262.79 | $262.79 | $267.21 |
| Taxes, insurance & HOA | $825.67 | $825.67 | $825.67 |
| Total housing payment | $3,262.95 | $11,824.08 | $10,143.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$148,832
Closing costs & prepaids$27,084
Usable credit−$0
Total buyer cash needed$175,916
Earnest money paid−$0
Remaining funds due$175,916
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$14,849.00
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)$1,782.00
Initial HOA (3 months)$45.00
Prepaid interest, first (7 days)$156.64
Prepaid interest, second (7 days)$1,776.13
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 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$1,927,928
New conventional · ends Jan 2057$1,953,552