Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$10,917/mo
Lowest payment- Down payment
- $2,252,322
- Funds due
- $2,295,623
- Interest + MI left
- $236,663
- First ends
- May 2037
Assumption
Assumption + second
$24,794/mo
+$13,877/mo- Down payment
- $315,322
- Funds due
- $363,574
- Interest + MI left
- $3,295,349
- First ends
- May 2037
New loan
New conventional
$21,253/mo
+$10,336/mo- Down payment
- $315,322
- Funds due
- $357,911
- Interest + MI left
- $4,144,768
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $897,678 | $897,678 | $2,834,678 |
| Second mortgage | — | $1,937,000 | — |
| First P&I | $8,584.48 | $8,584.48 | $19,203.10 |
| Second P&I | — | $13,876.91 | — |
| Mortgage insurance | $850.00 | $850.00 | $566.94 |
| Taxes, insurance & HOA | $1,482.92 | $1,482.92 | $1,482.92 |
| Total housing payment | $10,917.40 | $24,794.31 | $21,252.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$315,322
Closing costs & prepaids$48,252
Usable credit−$0
Total buyer cash needed$363,574
Earnest money paid−$0
Remaining funds due$363,574
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)$3,780.00
Initial HOA (3 months)$18.75
Prepaid interest, first (9 days)$776.92
Prepaid interest, second (9 days)$3,701.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 15-year loan at 3.51%
Interest already paid$169,825Through Dec 2026
Assumption only · ends May 2037$236,663
Assumption + second · ends May 2037, second Jan 2057$3,295,349
New conventional · ends Jan 2057$4,144,768