Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,885/mo
Lowest payment- Down payment
- $1,628,413
- Funds due
- $1,656,585
- Interest + MI left
- $32,644
- First ends
- Jun 2052
Assumption
Assumption + second
$12,345/mo
+$10,460/mo- Down payment
- $168,413
- Funds due
- $198,455
- Interest + MI left
- $2,338,107
- First ends
- Jun 2052
New loan
New conventional
$12,345/mo
+$10,460/mo- Down payment
- $168,413
- Funds due
- $193,702
- Interest + MI left
- $2,284,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,587 | $46,587 | $1,506,587 |
| Second mortgage | — | $1,460,000 | — |
| First P&I | $236.48 | $236.48 | $10,431.30 |
| Second P&I | — | $10,459.62 | — |
| Mortgage insurance | $36.13 | $36.13 | $301.32 |
| Taxes, insurance & HOA | $1,612.50 | $1,612.50 | $1,612.50 |
| Total housing payment | $1,885.10 | $12,344.72 | $12,345.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$168,413
Closing costs & prepaids$30,042
Usable credit−$0
Total buyer cash needed$198,455
Earnest money paid−$0
Remaining funds due$198,455
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$16,750.00
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)$4,187.50
Prepaid interest, first (2 days)$9.60
Prepaid interest, second (2 days)$620.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 3.760%
Interest already paid$8,120Through Nov 2026
Assumption only · ends Jun 2052$32,644
Assumption + second · ends Jun 2052, second Dec 2056$2,338,107
New conventional · ends Dec 2056$2,284,841