Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$51,775/mo
+$42,286/mo- Down payment
- $1,052,397
- Funds due
- $1,075,973
- Interest + MI left
- $6,938
- First ends
- Jun 2027
Assumption
Assumption + second
$58,344/mo
+$48,855/mo- Down payment
- $135,397
- Funds due
- $161,975
- Interest + MI left
- $1,454,958
- First ends
- Jun 2027
New loan
New conventional
$9,489/mo
Lowest payment- Down payment
- $135,397
- Funds due
- $157,521
- Interest + MI left
- $1,775,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,603 | $297,603 | $1,214,603 |
| Second mortgage | — | $917,000 | — |
| First P&I | $50,488.24 | $50,488.24 | $8,228.14 |
| Second P&I | — | $6,569.50 | — |
| Mortgage insurance | $268.71 | $268.71 | $242.92 |
| Taxes, insurance & HOA | $1,017.67 | $1,017.67 | $1,017.67 |
| Total housing payment | $51,774.62 | $58,344.12 | $9,488.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,397
Closing costs & prepaids$26,579
Usable credit−$0
Total buyer cash needed$161,975
Earnest money paid−$0
Remaining funds due$161,975
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$13,500.00
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)$1,620.00
Initial HOA (3 months)$783.00
Prepaid interest, first (9 days)$448.36
Prepaid interest, second (9 days)$1,752.35
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 closing6 moOf the original 1-year loan at 6.11%
Interest already paid$14,258Through Dec 2026
Assumption only · ends Jun 2027$6,938
Assumption + second · ends Jun 2027, second Jan 2057$1,454,958
New conventional · ends Jan 2057$1,775,950