Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$483/mo
Lowest payment- Down payment
- $386,676
- Funds due
- $397,630
- Interest + MI left
- $27,560
- First ends
- Aug 2064
Assumption
Assumption + second
$2,962/mo
+$2,479/mo- Down payment
- $40,676
- Funds due
- $53,027
- Interest + MI left
- $573,923
- First ends
- Aug 2064
New loan
New conventional
$2,951/mo
+$2,468/mo- Down payment
- $40,676
- Funds due
- $49,564
- Interest + MI left
- $544,867
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,324 | $13,324 | $359,324 |
| Second mortgage | — | $346,000 | — |
| First P&I | $85.84 | $85.84 | $2,487.89 |
| Second P&I | — | $2,478.79 | — |
| Mortgage insurance | $6.17 | $6.17 | $71.86 |
| Taxes, insurance & HOA | $391.33 | $391.33 | $391.33 |
| Total housing payment | $483.34 | $2,962.13 | $2,951.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,676
Closing costs & prepaids$12,351
Usable credit−$0
Total buyer cash needed$53,027
Earnest money paid−$0
Remaining funds due$53,027
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)$499.00
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$5.27
Prepaid interest, second (2 days)$146.93
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 9 moOf the original 40-year loan at 7.220%
Interest already paid$2,177Through Nov 2026
Assumption only · ends Aug 2064$27,560
Assumption + second · ends Aug 2064, second Dec 2056$573,923
New conventional · ends Dec 2056$544,867