Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$418/mo
Lowest payment- Down payment
- $386,076
- Funds due
- $396,930
- Interest + MI left
- $7,267
- First ends
- Mar 2065
Assumption
Assumption + second
$2,904/mo
+$2,486/mo- Down payment
- $39,076
- Funds due
- $51,254
- Interest + MI left
- $555,210
- First ends
- Mar 2065
New loan
New conventional
$2,892/mo
+$2,475/mo- Down payment
- $39,076
- Funds due
- $47,810
- Interest + MI left
- $532,048
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,824 | $3,824 | $350,824 |
| Second mortgage | — | $347,000 | — |
| First P&I | $22.87 | $22.87 | $2,429.03 |
| Second P&I | — | $2,485.95 | — |
| Mortgage insurance | $1.77 | $1.77 | $70.16 |
| Taxes, insurance & HOA | $393.25 | $393.25 | $393.25 |
| Total housing payment | $417.89 | $2,903.84 | $2,892.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,076
Closing costs & prepaids$12,178
Usable credit−$0
Total buyer cash needed$51,254
Earnest money paid−$0
Remaining funds due$51,254
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$729.75
Prepaid interest, first (1 days)$0.69
Prepaid interest, second (1 days)$73.68
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 4 moOf the original 40-year loan at 6.600%
Interest already paid$423Through Nov 2026
Assumption only · ends Mar 2065$7,267
Assumption + second · ends Mar 2065, second Dec 2056$555,210
New conventional · ends Dec 2056$532,048