Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,862/mo
Lowest payment- Down payment
- $4,281,919
- Funds due
- $4,335,255
- Interest + MI left
- $104,427
- First ends
- Feb 2039
Assumption
Assumption + second
$30,308/mo
+$27,446/mo- Down payment
- $450,919
- Funds due
- $507,132
- Interest + MI left
- $6,153,898
- First ends
- Feb 2039
New loan
New conventional
$29,410/mo
+$26,548/mo- Down payment
- $450,919
- Funds due
- $499,522
- Interest + MI left
- $6,140,704
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,081 | $218,081 | $4,049,081 |
| Second mortgage | — | $3,831,000 | — |
| First P&I | $2,042.28 | $2,042.28 | $28,035.02 |
| Second P&I | — | $27,445.75 | — |
| Mortgage insurance | $254.78 | $254.78 | $809.82 |
| Taxes, insurance & HOA | $565.08 | $565.08 | $565.08 |
| Total housing payment | $2,862.14 | $30,307.90 | $29,409.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$450,919
Closing costs & prepaids$56,213
Usable credit−$0
Total buyer cash needed$507,132
Earnest money paid−$0
Remaining funds due$507,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$45,000.00
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)$1,045.25
Prepaid interest, first (2 days)$65.72
Prepaid interest, second (2 days)$1,626.86
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 closing12 yr 3 moOf the original 30-year loan at 5.500%
Interest already paid$293,396Through Nov 2026
Assumption only · ends Feb 2039$104,427
Assumption + second · ends Feb 2039, second Dec 2056$6,153,898
New conventional · ends Dec 2056$6,140,704