Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,289/mo
Lowest payment- Down payment
- $1,042,838
- Funds due
- $1,065,056
- Interest + MI left
- $192,994
- First ends
- Mar 2054
Assumption
Assumption + second
$8,902/mo
+$6,612/mo- Down payment
- $119,838
- Funds due
- $143,698
- Interest + MI left
- $1,650,488
- First ends
- Mar 2054
New loan
New conventional
$8,872/mo
+$6,583/mo- Down payment
- $119,838
- Funds due
- $139,438
- Interest + MI left
- $1,630,556
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,162 | $152,162 | $1,075,162 |
| Second mortgage | — | $923,000 | — |
| First P&I | $1,004.77 | $1,004.77 | $7,444.20 |
| Second P&I | — | $6,612.49 | — |
| Mortgage insurance | $71.96 | $71.96 | $215.03 |
| Taxes, insurance & HOA | $1,212.50 | $1,212.50 | $1,212.50 |
| Total housing payment | $2,289.23 | $8,901.71 | $8,871.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$119,838
Closing costs & prepaids$23,860
Usable credit−$0
Total buyer cash needed$143,698
Earnest money paid−$0
Remaining funds due$143,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,950.00
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)$2,987.50
Prepaid interest, first (2 days)$55.20
Prepaid interest, second (2 days)$391.96
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 closing27 yr 4 moOf the original 30-year loan at 6.620%
Interest already paid$27,315Through Nov 2026
Assumption only · ends Mar 2054$192,994
Assumption + second · ends Mar 2054, second Dec 2056$1,650,488
New conventional · ends Dec 2056$1,630,556