Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,822,449/mo
+$3,817,709/mo- Down payment
- $0
- Funds due
- $106,347
- Interest + MI left
- $234,189,287
- First ends
- Dec 2044
New loan
New conventional
$4,739/mo
Lowest payment- Down payment
- $62,495
- Funds due
- $74,720
- Interest + MI left
- $853,001
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $544,685,929 | $562,455 |
| Second mortgage | — | — |
| First P&I | $3,276,779.90 | $3,894.32 |
| Second P&I | — | — |
| Mortgage insurance | $544,936.42 | $112.49 |
| Taxes, insurance & HOA | $732.50 | $732.50 |
| Total housing payment | $3,822,448.81 | $4,739.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$106,347
Usable credit−$0
Total buyer cash needed$106,347
Earnest money paid−$0
Remaining funds due$106,347
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,249.50
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,562.50
Initial HOA (3 months)$135.00
Prepaid interest, first (2 days)$91,925.08
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 closing18 yr 1 moOf the original 30-year loan at 3.080%
Interest already paid$243,943,454Through Nov 2026
Assumption only · ends Dec 2044$234,189,287
New conventional · ends Dec 2056$853,001