Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,415/mo
Lowest payment- Down payment
- $1,164,880
- Funds due
- $1,189,833
- Interest + MI left
- $226,955
- First ends
- Feb 2048
Assumption
Assumption + second
$10,651/mo
+$7,236/mo- Down payment
- $154,880
- Funds due
- $182,370
- Interest + MI left
- $1,821,829
- First ends
- Feb 2048
New loan
New conventional
$10,572/mo
+$7,157/mo- Down payment
- $154,880
- Funds due
- $177,877
- Interest + MI left
- $2,025,275
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $375,120 | $375,120 | $1,385,120 |
| Second mortgage | — | $1,010,000 | — |
| First P&I | $2,177.59 | $2,177.59 | $9,383.29 |
| Second P&I | — | $7,235.76 | — |
| Mortgage insurance | $325.83 | $325.83 | $277.02 |
| Taxes, insurance & HOA | $911.84 | $911.84 | $911.84 |
| Total housing payment | $3,415.26 | $10,651.02 | $10,572.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$154,880
Closing costs & prepaids$27,490
Usable credit−$0
Total buyer cash needed$182,370
Earnest money paid−$0
Remaining funds due$182,370
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$15,400.00
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)$1,848.00
Initial HOA (3 months)$237.51
Prepaid interest, first (6 days)$242.34
Prepaid interest, second (6 days)$1,286.71
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 closing21 yr 2 moOf the original 30-year loan at 3.93%
Interest already paid$145,944Through Dec 2026
Assumption only · ends Feb 2048$226,955
Assumption + second · ends Feb 2048, second Jan 2057$1,821,829
New conventional · ends Jan 2057$2,025,275