Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,787/mo
Lowest payment- Down payment
- $1,908,730
- Funds due
- $1,949,001
- Interest + MI left
- $498,677
- First ends
- Jul 2051
Assumption
Assumption + second
$18,415/mo
+$11,627/mo- Down payment
- $285,730
- Funds due
- $329,319
- Interest + MI left
- $3,061,531
- First ends
- Jul 2051
New loan
New conventional
$19,469/mo
+$12,682/mo- Down payment
- $285,730
- Funds due
- $323,929
- Interest + MI left
- $3,749,387
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $941,270 | $941,270 | $2,564,270 |
| Second mortgage | — | $1,623,000 | — |
| First P&I | $4,441.61 | $4,441.61 | $17,371.26 |
| Second P&I | — | $11,627.37 | — |
| Mortgage insurance | $760.75 | $760.75 | $512.85 |
| Taxes, insurance & HOA | $1,585.00 | $1,585.00 | $1,585.00 |
| Total housing payment | $6,787.35 | $18,414.72 | $19,469.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$285,730
Closing costs & prepaids$43,589
Usable credit−$0
Total buyer cash needed$329,319
Earnest money paid−$0
Remaining funds due$329,319
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$28,500.00
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)$3,420.00
Initial HOA (3 months)$684.99
Prepaid interest, first (6 days)$440.98
Prepaid interest, second (6 days)$2,067.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 2.85%
Interest already paid$155,974Through Dec 2026
Assumption only · ends Jul 2051$498,677
Assumption + second · ends Jul 2051, second Jan 2057$3,061,531
New conventional · ends Jan 2057$3,749,387