Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$403/mo
Lowest payment- Down payment
- $387,382
- Funds due
- $398,139
- Interest + MI left
- $23,441
- First ends
- Aug 2065
Assumption
Assumption + second
$2,889/mo
+$2,486/mo- Down payment
- $40,382
- Funds due
- $52,831
- Interest + MI left
- $571,383
- First ends
- Aug 2065
New loan
New conventional
$2,827/mo
+$2,424/mo- Down payment
- $40,382
- Funds due
- $49,345
- Interest + MI left
- $524,359
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,618 | $11,618 | $358,618 |
| Second mortgage | — | $347,000 | — |
| First P&I | $71.74 | $71.74 | $2,429.40 |
| Second P&I | — | $2,485.95 | — |
| Mortgage insurance | $5.36 | $5.36 | $71.72 |
| Taxes, insurance & HOA | $326.25 | $326.25 | $326.25 |
| Total housing payment | $403.36 | $2,889.31 | $2,827.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,382
Closing costs & prepaids$12,449
Usable credit−$0
Total buyer cash needed$52,831
Earnest money paid−$0
Remaining funds due$52,831
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$13.16
Prepaid interest, second (6 days)$442.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.89%
Interest already paid$1,071Through Dec 2026
Assumption only · ends Aug 2065$23,441
Assumption + second · ends Aug 2065, second Jan 2057$571,383
New conventional · ends Jan 2057$524,359