Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,660/mo
Lowest payment- Down payment
- $1,209,161
- Funds due
- $1,234,959
- Interest + MI left
- $510,936
- First ends
- May 2054
Assumption
Assumption + second
$11,175/mo
+$7,515/mo- Down payment
- $160,161
- Funds due
- $189,214
- Interest + MI left
- $2,167,395
- First ends
- May 2054
New loan
New conventional
$10,899/mo
+$7,239/mo- Down payment
- $160,161
- Funds due
- $184,453
- Interest + MI left
- $2,105,283
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $390,839 | $390,839 | $1,439,839 |
| Second mortgage | — | $1,049,000 | — |
| First P&I | $2,618.48 | $2,618.48 | $9,753.97 |
| Second P&I | — | $7,515.16 | — |
| Mortgage insurance | $184.47 | $184.47 | $287.97 |
| Taxes, insurance & HOA | $856.67 | $856.67 | $856.67 |
| Total housing payment | $3,659.61 | $11,174.78 | $10,898.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$160,161
Closing costs & prepaids$29,053
Usable credit−$0
Total buyer cash needed$189,214
Earnest money paid−$0
Remaining funds due$189,214
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$16,000.00
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)$1,920.00
Prepaid interest, first (9 days)$653.40
Prepaid interest, second (9 days)$2,004.60
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 closing27 yr 5 moOf the original 30-year loan at 6.78%
Interest already paid$69,537Through Dec 2026
Assumption only · ends May 2054$510,936
Assumption + second · ends May 2054, second Jan 2057$2,167,395
New conventional · ends Jan 2057$2,105,283