Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,155/mo
Lowest payment- Down payment
- $1,151,748
- Funds due
- $1,174,297
- Interest + MI left
- $251,026
- First ends
- Apr 2054
Assumption
Assumption + second
$9,433/mo
+$7,279/mo- Down payment
- $135,748
- Funds due
- $160,842
- Interest + MI left
- $1,855,375
- First ends
- Apr 2054
New loan
New conventional
$9,218/mo
+$7,063/mo- Down payment
- $135,748
- Funds due
- $156,356
- Interest + MI left
- $1,773,975
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,252 | $197,252 | $1,213,252 |
| Second mortgage | — | $1,016,000 | — |
| First P&I | $1,305.05 | $1,305.05 | $8,218.99 |
| Second P&I | — | $7,278.75 | — |
| Mortgage insurance | $93.27 | $93.27 | $242.65 |
| Taxes, insurance & HOA | $756.25 | $756.25 | $756.25 |
| Total housing payment | $2,154.57 | $9,433.32 | $9,217.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,748
Closing costs & prepaids$25,093
Usable credit−$0
Total buyer cash needed$160,842
Earnest money paid−$0
Remaining funds due$160,842
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$13,490.00
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)$1,618.75
Prepaid interest, first (6 days)$215.30
Prepaid interest, second (6 days)$1,294.36
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 6.64%
Interest already paid$35,513Through Dec 2026
Assumption only · ends Apr 2054$251,026
Assumption + second · ends Apr 2054, second Jan 2057$1,855,375
New conventional · ends Jan 2057$1,773,975