Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,046/mo
Lowest payment- Down payment
- $5,116,828
- Funds due
- $5,182,081
- Interest + MI left
- $519,129
- First ends
- Aug 2053
Assumption
Assumption + second
$36,693/mo
+$32,647/mo- Down payment
- $559,828
- Funds due
- $628,266
- Interest + MI left
- $7,715,016
- First ends
- Aug 2053
New loan
New conventional
$36,727/mo
+$32,681/mo- Down payment
- $559,828
- Funds due
- $619,570
- Interest + MI left
- $7,636,177
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $478,172 | $478,172 | $5,035,172 |
| Second mortgage | — | $4,557,000 | — |
| First P&I | $2,959.29 | $2,959.29 | $34,862.51 |
| Second P&I | — | $32,646.91 | — |
| Mortgage insurance | $229.17 | $229.17 | $1,007.03 |
| Taxes, insurance & HOA | $857.83 | $857.83 | $857.83 |
| Total housing payment | $4,046.29 | $36,693.19 | $36,727.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$559,828
Closing costs & prepaids$68,438
Usable credit−$0
Total buyer cash needed$628,266
Earnest money paid−$0
Remaining funds due$628,266
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$55,950.00
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)$1,923.50
Prepaid interest, first (2 days)$154.06
Prepaid interest, second (2 days)$1,935.16
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 closing26 yr 9 moOf the original 30-year loan at 5.880%
Interest already paid$93,584Through Nov 2026
Assumption only · ends Aug 2053$519,129
Assumption + second · ends Aug 2053, second Dec 2056$7,715,016
New conventional · ends Dec 2056$7,636,177