Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$446/mo
Lowest payment- Down payment
- $388,687
- Funds due
- $399,580
- Interest + MI left
- $22,191
- First ends
- Aug 2065
Assumption
Assumption + second
$2,939/mo
+$2,493/mo- Down payment
- $40,687
- Funds due
- $52,903
- Interest + MI left
- $571,712
- First ends
- Aug 2065
New loan
New conventional
$2,931/mo
+$2,486/mo- Down payment
- $40,687
- Funds due
- $49,444
- Interest + MI left
- $544,699
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,213 | $11,213 | $359,213 |
| Second mortgage | — | $348,000 | — |
| First P&I | $68.17 | $68.17 | $2,487.12 |
| Second P&I | — | $2,493.11 | — |
| Mortgage insurance | $5.17 | $5.17 | $71.84 |
| Taxes, insurance & HOA | $372.25 | $372.25 | $372.25 |
| Total housing payment | $445.59 | $2,938.71 | $2,931.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,687
Closing costs & prepaids$12,217
Usable credit−$0
Total buyer cash needed$52,903
Earnest money paid−$0
Remaining funds due$52,903
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)$552.75
Initial HOA (3 months)$114.00
Prepaid interest, first (1 days)$2.08
Prepaid interest, second (1 days)$73.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 40-year loan at 6.760%
Interest already paid$951Through Nov 2026
Assumption only · ends Aug 2065$22,191
Assumption + second · ends Aug 2065, second Dec 2056$571,712
New conventional · ends Dec 2056$544,699