Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$51,770/mo
+$42,106/mo- Down payment
- $1,003,672
- Funds due
- $1,026,843
- Interest + MI left
- $8,970
- First ends
- Jun 2027
Assumption
Assumption + second
$57,988/mo
+$48,325/mo- Down payment
- $135,672
- Funds due
- $160,277
- Interest + MI left
- $1,379,615
- First ends
- Jun 2027
New loan
New conventional
$9,663/mo
Lowest payment- Down payment
- $135,672
- Funds due
- $155,875
- Interest + MI left
- $1,841,610
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,328 | $346,328 | $1,214,328 |
| Second mortgage | — | $868,000 | — |
| First P&I | $50,488.24 | $50,488.24 | $8,407.76 |
| Second P&I | — | $6,218.46 | — |
| Mortgage insurance | $268.71 | $268.71 | $242.87 |
| Taxes, insurance & HOA | $1,012.83 | $1,012.83 | $1,012.83 |
| Total housing payment | $51,769.79 | $57,988.24 | $9,663.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,672
Closing costs & prepaids$24,606
Usable credit−$0
Total buyer cash needed$160,277
Earnest money paid−$0
Remaining funds due$160,277
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$13,500.00
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)$1,605.50
Initial HOA (3 months)$783.00
Prepaid interest, first (1 days)$57.97
Prepaid interest, second (1 days)$184.30
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 closing7 moOf the original 1-year loan at 6.110%
Interest already paid$12,495Through Nov 2026
Assumption only · ends Jun 2027$8,970
Assumption + second · ends Jun 2027, second Dec 2056$1,379,615
New conventional · ends Dec 2056$1,841,610