Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,299/mo
Lowest payment- Down payment
- $1,294,372
- Funds due
- $1,330,714
- Interest + MI left
- $839,296
- First ends
- May 2052
Assumption
Assumption + second
$15,778/mo
+$7,479/mo- Down payment
- $250,372
- Funds due
- $289,959
- Interest + MI left
- $2,487,860
- First ends
- May 2052
New loan
New conventional
$16,906/mo
+$8,607/mo- Down payment
- $250,372
- Funds due
- $285,276
- Interest + MI left
- $3,289,328
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,205,628 | $1,205,628 | $2,249,628 |
| Second mortgage | — | $1,044,000 | — |
| First P&I | $6,143.80 | $6,143.80 | $15,239.76 |
| Second P&I | — | $7,479.34 | — |
| Mortgage insurance | $938.54 | $938.54 | $449.93 |
| Taxes, insurance & HOA | $1,216.67 | $1,216.67 | $1,216.67 |
| Total housing payment | $8,299.01 | $15,778.35 | $16,906.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$250,372
Closing costs & prepaids$39,588
Usable credit−$0
Total buyer cash needed$289,959
Earnest money paid−$0
Remaining funds due$289,959
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$25,000.00
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)$3,000.00
Prepaid interest, first (9 days)$1,117.77
Prepaid interest, second (9 days)$1,995.04
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 5 moOf the original 30-year loan at 3.76%
Interest already paid$218,538Through Dec 2026
Assumption only · ends May 2052$839,296
Assumption + second · ends May 2052, second Jan 2057$2,487,860
New conventional · ends Jan 2057$3,289,328