Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$12,593/mo
Lowest payment- Down payment
- $2,631,318
- Funds due
- $2,692,091
- Interest + MI left
- $769,097
- First ends
- Apr 2051
Assumption
Assumption + second
$28,375/mo
+$15,783/mo- Down payment
- $428,318
- Funds due
- $490,809
- Interest + MI left
- $4,247,819
- First ends
- Apr 2051
New loan
New conventional
$31,182/mo
+$18,589/mo- Down payment
- $428,318
- Funds due
- $483,677
- Interest + MI left
- $5,833,752
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,643,682 | $1,643,682 | $3,846,682 |
| Second mortgage | — | $2,203,000 | — |
| First P&I | $7,467.84 | $7,467.84 | $26,633.65 |
| Second P&I | — | $15,782.56 | — |
| Mortgage insurance | $1,345.83 | $1,345.83 | $769.34 |
| Taxes, insurance & HOA | $3,779.17 | $3,779.17 | $3,779.17 |
| Total housing payment | $12,592.84 | $28,375.40 | $31,182.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$428,318
Closing costs & prepaids$62,491
Usable credit−$0
Total buyer cash needed$490,809
Earnest money paid−$0
Remaining funds due$490,809
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$42,750.00
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)$10,687.50
Prepaid interest, first (1 days)$110.78
Prepaid interest, second (1 days)$467.76
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 closing24 yr 5 moOf the original 30-year loan at 2.460%
Interest already paid$244,027Through Nov 2026
Assumption only · ends Apr 2051$769,097
Assumption + second · ends Apr 2051, second Dec 2056$4,247,819
New conventional · ends Dec 2056$5,833,752