Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,929/mo
Lowest payment- Down payment
- $1,650,197
- Funds due
- $1,679,923
- Interest + MI left
- $175,739
- First ends
- Feb 2051
Assumption
Assumption + second
$13,317/mo
+$10,388/mo- Down payment
- $200,197
- Funds due
- $233,020
- Interest + MI left
- $2,465,411
- First ends
- Feb 2051
New loan
New conventional
$13,532/mo
+$10,603/mo- Down payment
- $200,197
- Funds due
- $228,082
- Interest + MI left
- $2,624,299
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,803 | $344,803 | $1,794,803 |
| Second mortgage | — | $1,450,000 | — |
| First P&I | $1,632.33 | $1,632.33 | $12,158.62 |
| Second P&I | — | $10,387.98 | — |
| Mortgage insurance | $282.49 | $282.49 | $358.96 |
| Taxes, insurance & HOA | $1,014.67 | $1,014.67 | $1,014.67 |
| Total housing payment | $2,929.49 | $13,317.46 | $13,532.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$200,197
Closing costs & prepaids$32,823
Usable credit−$0
Total buyer cash needed$233,020
Earnest money paid−$0
Remaining funds due$233,020
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$19,950.00
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)$2,394.00
Prepaid interest, first (6 days)$157.00
Prepaid interest, second (6 days)$1,847.26
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 closing24 yr 2 moOf the original 30-year loan at 2.77%
Interest already paid$60,257Through Dec 2026
Assumption only · ends Feb 2051$175,739
Assumption + second · ends Feb 2051, second Jan 2057$2,465,411
New conventional · ends Jan 2057$2,624,299