Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,792/mo
Lowest payment- Down payment
- $1,188,933
- Funds due
- $1,213,313
- Interest + MI left
- $278,638
- First ends
- Nov 2052
Assumption
Assumption + second
$10,250/mo
+$7,458/mo- Down payment
- $147,933
- Funds due
- $175,553
- Interest + MI left
- $1,922,465
- First ends
- Nov 2052
New loan
New conventional
$10,151/mo
+$7,359/mo- Down payment
- $147,933
- Funds due
- $171,015
- Interest + MI left
- $1,940,391
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,067 | $286,067 | $1,327,067 |
| Second mortgage | — | $1,041,000 | — |
| First P&I | $1,679.93 | $1,679.93 | $8,990.01 |
| Second P&I | — | $7,457.85 | — |
| Mortgage insurance | $216.22 | $216.22 | $265.41 |
| Taxes, insurance & HOA | $895.67 | $895.67 | $895.67 |
| Total housing payment | $2,791.82 | $10,249.67 | $10,151.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$147,933
Closing costs & prepaids$27,620
Usable credit−$0
Total buyer cash needed$175,553
Earnest money paid−$0
Remaining funds due$175,553
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$14,750.00
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)$1,770.00
Initial HOA (3 months)$267.00
Prepaid interest, first (9 days)$368.20
Prepaid interest, second (9 days)$1,989.31
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing25 yr 11 moOf the original 30-year loan at 5.22%
Interest already paid$63,134Through Dec 2026
Assumption only · ends Nov 2052$278,638
Assumption + second · ends Nov 2052, second Jan 2057$1,922,465
New conventional · ends Jan 2057$1,940,391