Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$421/mo
Lowest payment- Down payment
- $388,692
- Funds due
- $399,528
- Interest + MI left
- $22,123
- First ends
- Aug 2065
Assumption
Assumption + second
$2,914/mo
+$2,493/mo- Down payment
- $40,692
- Funds due
- $53,443
- Interest + MI left
- $571,645
- First ends
- Aug 2065
New loan
New conventional
$2,853/mo
+$2,432/mo- Down payment
- $40,692
- Funds due
- $49,939
- Interest + MI left
- $525,150
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,208 | $11,208 | $359,208 |
| Second mortgage | — | $348,000 | — |
| First P&I | $68.17 | $68.17 | $2,433.40 |
| Second P&I | — | $2,493.11 | — |
| Mortgage insurance | $5.17 | $5.17 | $71.84 |
| Taxes, insurance & HOA | $348.00 | $348.00 | $348.00 |
| Total housing payment | $421.34 | $2,914.46 | $2,853.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,692
Closing costs & prepaids$12,752
Usable credit−$0
Total buyer cash needed$53,443
Earnest money paid−$0
Remaining funds due$53,443
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$114.00
Prepaid interest, first (9 days)$18.68
Prepaid interest, second (9 days)$665.01
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 closing38 yr 8 moOf the original 40-year loan at 6.76%
Interest already paid$1,014Through Dec 2026
Assumption only · ends Aug 2065$22,123
Assumption + second · ends Aug 2065, second Jan 2057$571,645
New conventional · ends Jan 2057$525,150