Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$10,660/mo
Lowest payment- Down payment
- $2,246,381
- Funds due
- $2,288,220
- Interest + MI left
- $239,780
- First ends
- May 2037
Assumption
Assumption + second
$24,494/mo
+$13,834/mo- Down payment
- $315,381
- Funds due
- $358,880
- Interest + MI left
- $3,288,992
- First ends
- May 2037
New loan
New conventional
$21,419/mo
+$10,759/mo- Down payment
- $315,381
- Funds due
- $352,755
- Interest + MI left
- $4,298,890
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $903,619 | $903,619 | $2,834,619 |
| Second mortgage | — | $1,931,000 | — |
| First P&I | $8,584.48 | $8,584.48 | $19,626.33 |
| Second P&I | — | $13,833.92 | — |
| Mortgage insurance | $850.00 | $850.00 | $566.92 |
| Taxes, insurance & HOA | $1,225.92 | $1,225.92 | $1,225.92 |
| Total housing payment | $10,660.40 | $24,494.32 | $21,419.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$315,381
Closing costs & prepaids$43,500
Usable credit−$0
Total buyer cash needed$358,880
Earnest money paid−$0
Remaining funds due$358,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$31,500.00
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)$3,009.00
Initial HOA (3 months)$18.75
Prepaid interest, first (1 days)$86.90
Prepaid interest, second (1 days)$410.01
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 closing10 yr 6 moOf the original 15-year loan at 3.510%
Interest already paid$167,182Through Nov 2026
Assumption only · ends May 2037$239,780
Assumption + second · ends May 2037, second Dec 2056$3,288,992
New conventional · ends Dec 2056$4,298,890