Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,691/mo
Lowest payment- Down payment
- $1,212,499
- Funds due
- $1,236,491
- Interest + MI left
- $280,045
- First ends
- Nov 2052
Assumption
Assumption + second
$10,300/mo
+$7,608/mo- Down payment
- $150,499
- Funds due
- $175,966
- Interest + MI left
- $1,957,033
- First ends
- Nov 2052
New loan
New conventional
$10,402/mo
+$7,710/mo- Down payment
- $150,499
- Funds due
- $171,418
- Interest + MI left
- $2,045,092
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,501 | $286,501 | $1,348,501 |
| Second mortgage | — | $1,062,000 | — |
| First P&I | $1,679.93 | $1,679.93 | $9,336.75 |
| Second P&I | — | $7,608.30 | — |
| Mortgage insurance | $216.22 | $216.22 | $269.70 |
| Taxes, insurance & HOA | $795.17 | $795.17 | $795.17 |
| Total housing payment | $2,691.32 | $10,299.62 | $10,401.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$150,499
Closing costs & prepaids$25,467
Usable credit−$0
Total buyer cash needed$175,966
Earnest money paid−$0
Remaining funds due$175,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$14,990.00
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)$1,468.50
Initial HOA (3 months)$267.00
Prepaid interest, first (1 days)$40.97
Prepaid interest, second (1 days)$225.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$61,887Through Nov 2026
Assumption only · ends Nov 2052$280,045
Assumption + second · ends Nov 2052, second Dec 2056$1,957,033
New conventional · ends Dec 2056$2,045,092