Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,314/mo
Lowest payment- Down payment
- $4,282,962
- Funds due
- $4,340,816
- Interest + MI left
- $103,280
- First ends
- Feb 2039
Assumption
Assumption + second
$31,767/mo
+$27,453/mo- Down payment
- $450,962
- Funds due
- $515,762
- Interest + MI left
- $6,154,330
- First ends
- Feb 2039
New loan
New conventional
$30,256/mo
+$25,942/mo- Down payment
- $450,962
- Funds due
- $507,853
- Interest + MI left
- $5,920,363
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,038 | $217,038 | $4,049,038 |
| Second mortgage | — | $3,832,000 | — |
| First P&I | $2,042.28 | $2,042.28 | $27,429.59 |
| Second P&I | — | $27,452.92 | — |
| Mortgage insurance | $254.78 | $254.78 | $809.81 |
| Taxes, insurance & HOA | $2,016.67 | $2,016.67 | $2,016.67 |
| Total housing payment | $4,313.73 | $31,766.64 | $30,256.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$450,962
Closing costs & prepaids$64,799
Usable credit−$0
Total buyer cash needed$515,762
Earnest money paid−$0
Remaining funds due$515,762
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)$5,400.00
Prepaid interest, first (7 days)$228.93
Prepaid interest, second (7 days)$5,695.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2 moOf the original 30-year loan at 5.5%
Interest already paid$294,396Through Dec 2026
Assumption only · ends Feb 2039$103,280
Assumption + second · ends Feb 2039, second Jan 2057$6,154,330
New conventional · ends Jan 2057$5,920,363