Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,643/mo
Lowest payment- Down payment
- $5,117,444
- Funds due
- $5,188,026
- Interest + MI left
- $516,613
- First ends
- Aug 2053
Assumption
Assumption + second
$38,290/mo
+$32,647/mo- Down payment
- $560,444
- Funds due
- $640,984
- Interest + MI left
- $7,712,499
- First ends
- Aug 2053
New loan
New conventional
$37,567/mo
+$31,924/mo- Down payment
- $560,444
- Funds due
- $631,842
- Interest + MI left
- $7,361,354
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $477,556 | $477,556 | $5,034,556 |
| Second mortgage | — | $4,557,000 | — |
| First P&I | $2,959.29 | $2,959.29 | $34,105.84 |
| Second P&I | — | $32,646.91 | — |
| Mortgage insurance | $229.17 | $229.17 | $1,006.91 |
| Taxes, insurance & HOA | $2,454.67 | $2,454.67 | $2,454.67 |
| Total housing payment | $5,643.12 | $38,290.03 | $37,567.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$560,444
Closing costs & prepaids$80,540
Usable credit−$0
Total buyer cash needed$640,984
Earnest money paid−$0
Remaining funds due$640,984
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)$6,714.00
Prepaid interest, first (9 days)$692.39
Prepaid interest, second (9 days)$8,708.24
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 closing26 yr 8 moOf the original 30-year loan at 5.88%
Interest already paid$95,927Through Dec 2026
Assumption only · ends Aug 2053$516,613
Assumption + second · ends Aug 2053, second Jan 2057$7,712,499
New conventional · ends Jan 2057$7,361,354