Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,129/mo
Lowest payment- Down payment
- $1,808,753
- Funds due
- $1,838,379
- Interest + MI left
- $513,290
- First ends
- May 2054
Assumption
Assumption + second
$14,506/mo
+$11,377/mo- Down payment
- $220,753
- Funds due
- $251,966
- Interest + MI left
- $3,020,875
- First ends
- May 2054
New loan
New conventional
$14,426/mo
+$11,297/mo- Down payment
- $220,753
- Funds due
- $246,700
- Interest + MI left
- $3,001,661
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,247 | $391,247 | $1,979,247 |
| Second mortgage | — | $1,588,000 | — |
| First P&I | $2,618.48 | $2,618.48 | $13,703.91 |
| Second P&I | — | $11,376.63 | — |
| Mortgage insurance | $184.47 | $184.47 | $395.85 |
| Taxes, insurance & HOA | $326.08 | $326.08 | $326.08 |
| Total housing payment | $3,129.03 | $14,505.65 | $14,425.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$220,753
Closing costs & prepaids$31,213
Usable credit−$0
Total buyer cash needed$251,966
Earnest money paid−$0
Remaining funds due$251,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$22,000.00
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)$328.25
Prepaid interest, first (1 days)$72.68
Prepaid interest, second (1 days)$337.18
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 closing27 yr 6 moOf the original 30-year loan at 6.780%
Interest already paid$67,326Through Nov 2026
Assumption only · ends May 2054$513,290
Assumption + second · ends May 2054, second Dec 2056$3,020,875
New conventional · ends Dec 2056$3,001,661