Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$452/mo
Lowest payment- Down payment
- $345,355
- Funds due
- $355,898
- Interest + MI left
- $8,776
- First ends
- Oct 2064
Assumption
Assumption + second
$2,673/mo
+$2,221/mo- Down payment
- $35,355
- Funds due
- $47,280
- Interest + MI left
- $498,292
- First ends
- Oct 2064
New loan
New conventional
$2,663/mo
+$2,211/mo- Down payment
- $35,355
- Funds due
- $43,871
- Interest + MI left
- $476,966
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $4,545 | $4,545 | $314,545 |
| Second mortgage | — | $310,000 | — |
| First P&I | $27.79 | $27.79 | $2,177.85 |
| Second P&I | — | $2,220.88 | — |
| Mortgage insurance | $2.11 | $2.11 | $62.91 |
| Taxes, insurance & HOA | $422.50 | $422.50 | $422.50 |
| Total housing payment | $452.40 | $2,673.28 | $2,663.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,355
Closing costs & prepaids$11,925
Usable credit−$0
Total buyer cash needed$47,280
Earnest money paid−$0
Remaining funds due$47,280
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$701.50
Initial HOA (3 months)$116.01
Prepaid interest, first (2 days)$1.69
Prepaid interest, second (2 days)$131.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 40-year loan at 6.770%
Interest already paid$645Through Nov 2026
Assumption only · ends Oct 2064$8,776
Assumption + second · ends Oct 2064, second Dec 2056$498,292
New conventional · ends Dec 2056$476,966