Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,079/mo
Lowest payment- Down payment
- $1,292,013
- Funds due
- $1,326,828
- Interest + MI left
- $843,694
- First ends
- May 2052
Assumption
Assumption + second
$15,544/mo
+$7,465/mo- Down payment
- $250,013
- Funds due
- $286,520
- Interest + MI left
- $2,489,099
- First ends
- May 2052
New loan
New conventional
$17,026/mo
+$8,946/mo- Down payment
- $250,013
- Funds due
- $281,191
- Interest + MI left
- $3,412,257
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,207,987 | $1,207,987 | $2,249,987 |
| Second mortgage | — | $1,042,000 | — |
| First P&I | $6,143.80 | $6,143.80 | $15,578.46 |
| Second P&I | — | $7,465.02 | — |
| Mortgage insurance | $938.54 | $938.54 | $450.00 |
| Taxes, insurance & HOA | $997.08 | $997.08 | $997.08 |
| Total housing payment | $8,079.43 | $15,544.44 | $17,025.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$250,013
Closing costs & prepaids$36,508
Usable credit−$0
Total buyer cash needed$286,520
Earnest money paid−$0
Remaining funds due$286,520
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)$2,341.25
Prepaid interest, first (2 days)$248.88
Prepaid interest, second (2 days)$442.49
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$214,753Through Nov 2026
Assumption only · ends May 2052$843,694
Assumption + second · ends May 2052, second Dec 2056$2,489,099
New conventional · ends Dec 2056$3,412,257