Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,629/mo
Lowest payment- Down payment
- $2,697,940
- Funds due
- $2,744,958
- Interest + MI left
- $551,246
- First ends
- Nov 2051
Assumption
Assumption + second
$23,264/mo
+$16,635/mo- Down payment
- $375,940
- Funds due
- $425,194
- Interest + MI left
- $4,217,879
- First ends
- Nov 2051
New loan
New conventional
$24,964/mo
+$18,336/mo- Down payment
- $375,940
- Funds due
- $418,608
- Interest + MI left
- $5,116,989
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,052,060 | $1,052,060 | $3,374,060 |
| Second mortgage | — | $2,322,000 | — |
| First P&I | $4,858.65 | $4,858.65 | $23,361.31 |
| Second P&I | — | $16,635.09 | — |
| Mortgage insurance | $841.92 | $841.92 | $674.81 |
| Taxes, insurance & HOA | $928.00 | $928.00 | $928.00 |
| Total housing payment | $6,628.58 | $23,263.67 | $24,964.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$375,940
Closing costs & prepaids$49,254
Usable credit−$0
Total buyer cash needed$425,194
Earnest money paid−$0
Remaining funds due$425,194
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$37,500.00
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)$2,134.00
Prepaid interest, first (2 days)$159.11
Prepaid interest, second (2 days)$986.05
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 closing25 yrOf the original 30-year loan at 2.760%
Interest already paid$154,979Through Nov 2026
Assumption only · ends Nov 2051$551,246
Assumption + second · ends Nov 2051, second Dec 2056$4,217,879
New conventional · ends Dec 2056$5,116,989