Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,561/mo
Lowest payment- Down payment
- $1,814,706
- Funds due
- $1,845,700
- Interest + MI left
- $38,006
- First ends
- Feb 2041
Assumption
Assumption + second
$14,196/mo
+$11,635/mo- Down payment
- $190,706
- Funds due
- $223,640
- Interest + MI left
- $2,602,438
- First ends
- Feb 2041
New loan
New conventional
$13,977/mo
+$11,416/mo- Down payment
- $190,706
- Funds due
- $218,667
- Interest + MI left
- $2,592,259
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,294 | $85,294 | $1,709,294 |
| Second mortgage | — | $1,624,000 | — |
| First P&I | $664.99 | $664.99 | $11,834.81 |
| Second P&I | — | $11,634.53 | — |
| Mortgage insurance | $95.98 | $95.98 | $341.86 |
| Taxes, insurance & HOA | $1,800.00 | $1,800.00 | $1,800.00 |
| Total housing payment | $2,560.97 | $14,195.51 | $13,976.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$190,706
Closing costs & prepaids$32,934
Usable credit−$0
Total buyer cash needed$223,640
Earnest money paid−$0
Remaining funds due$223,640
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$19,000.00
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)$4,750.00
Prepaid interest, first (2 days)$19.77
Prepaid interest, second (2 days)$689.64
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 closing14 yr 3 moOf the original 30-year loan at 4.230%
Interest already paid$75,478Through Nov 2026
Assumption only · ends Feb 2041$38,006
Assumption + second · ends Feb 2041, second Dec 2056$2,602,438
New conventional · ends Dec 2056$2,592,259