Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,531/mo
Lowest payment- Down payment
- $1,097,306
- Funds due
- $1,129,723
- Interest + MI left
- $428,208
- First ends
- Mar 2044
Assumption
Assumption + second
$14,993/mo
+$6,462/mo- Down payment
- $195,306
- Funds due
- $229,740
- Interest + MI left
- $1,852,542
- First ends
- Mar 2044
New loan
New conventional
$14,146/mo
+$5,615/mo- Down payment
- $195,306
- Funds due
- $224,968
- Interest + MI left
- $2,535,433
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $852,694 | $852,694 | $1,754,694 |
| Second mortgage | — | $902,000 | — |
| First P&I | $5,691.72 | $5,691.72 | $11,803.94 |
| Second P&I | — | $6,462.04 | — |
| Mortgage insurance | $848.57 | $848.57 | $350.94 |
| Taxes, insurance & HOA | $1,990.84 | $1,990.84 | $1,990.84 |
| Total housing payment | $8,531.13 | $14,993.17 | $14,145.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$195,306
Closing costs & prepaids$34,434
Usable credit−$0
Total buyer cash needed$229,740
Earnest money paid−$0
Remaining funds due$229,740
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$19,500.00
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)$4,972.50
Initial HOA (3 months)$350.01
Prepaid interest, first (4 days)$370.05
Prepaid interest, second (4 days)$766.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing17 yr 3 moOf the original 30-year loan at 3.96%
Interest already paid$525,553Through Dec 2026
Assumption only · ends Mar 2044$428,208
Assumption + second · ends Mar 2044, second Jan 2057$1,852,542
New conventional · ends Jan 2057$2,535,433