Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,498/mo
Lowest payment- Down payment
- $177,756
- Funds due
- $200,666
- Interest + MI left
- $1,336,301
- First ends
- Nov 2054
Assumption
Assumption + second
$8,940/mo
+$443/mo- Down payment
- $122,756
- Funds due
- $146,943
- Interest + MI left
- $1,440,616
- First ends
- Nov 2054
New loan
New conventional
$9,090/mo
+$592/mo- Down payment
- $122,756
- Funds due
- $142,713
- Interest + MI left
- $1,671,627
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,047,244 | $1,047,244 | $1,102,244 |
| Second mortgage | — | $55,000 | — |
| First P&I | $6,769.09 | $6,769.09 | $7,631.71 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $491.36 | $491.36 | $220.45 |
| Taxes, insurance & HOA | $1,237.50 | $1,237.50 | $1,237.50 |
| Total housing payment | $8,497.95 | $8,940.49 | $9,089.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$122,756
Closing costs & prepaids$24,187
Usable credit−$0
Total buyer cash needed$146,943
Earnest money paid−$0
Remaining funds due$146,943
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$12,250.00
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)$3,062.50
Prepaid interest, first (2 days)$372.42
Prepaid interest, second (2 days)$27.12
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 closing28 yrOf the original 30-year loan at 6.490%
Interest already paid$137,645Through Nov 2026
Assumption only · ends Nov 2054$1,336,301
Assumption + second · ends Nov 2054, second Dec 2056$1,440,616
New conventional · ends Dec 2056$1,671,627