Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$477/mo
Lowest payment- Down payment
- $386,682
- Funds due
- $397,635
- Interest + MI left
- $27,475
- First ends
- Aug 2064
Assumption
Assumption + second
$2,956/mo
+$2,479/mo- Down payment
- $40,682
- Funds due
- $53,546
- Interest + MI left
- $573,838
- First ends
- Aug 2064
New loan
New conventional
$2,891/mo
+$2,414/mo- Down payment
- $40,682
- Funds due
- $50,041
- Interest + MI left
- $525,310
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,318 | $13,318 | $359,318 |
| Second mortgage | — | $346,000 | — |
| First P&I | $85.84 | $85.84 | $2,434.15 |
| Second P&I | — | $2,478.79 | — |
| Mortgage insurance | $6.17 | $6.17 | $71.86 |
| Taxes, insurance & HOA | $385.00 | $385.00 | $385.00 |
| Total housing payment | $477.01 | $2,955.79 | $2,891.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,682
Closing costs & prepaids$12,865
Usable credit−$0
Total buyer cash needed$53,546
Earnest money paid−$0
Remaining funds due$53,546
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$225.00
Prepaid interest, first (9 days)$23.71
Prepaid interest, second (9 days)$661.19
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 closing37 yr 8 moOf the original 40-year loan at 7.22%
Interest already paid$2,257Through Dec 2026
Assumption only · ends Aug 2064$27,475
Assumption + second · ends Aug 2064, second Jan 2057$573,838
New conventional · ends Jan 2057$525,310