Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$803/mo
Lowest payment- Down payment
- $409,403
- Funds due
- $421,306
- Interest + MI left
- $81,539
- First ends
- May 2065
Assumption
Assumption + second
$3,411/mo
+$2,608/mo- Down payment
- $45,403
- Funds due
- $58,865
- Interest + MI left
- $656,325
- First ends
- May 2065
New loan
New conventional
$3,335/mo
+$2,532/mo- Down payment
- $45,403
- Funds due
- $55,337
- Interest + MI left
- $584,620
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $40,597 | $40,597 | $404,597 |
| Second mortgage | — | $364,000 | — |
| First P&I | $251.60 | $251.60 | $2,721.75 |
| Second P&I | — | $2,607.74 | — |
| Mortgage insurance | $18.75 | $18.75 | $80.92 |
| Taxes, insurance & HOA | $532.50 | $532.50 | $532.50 |
| Total housing payment | $802.85 | $3,410.59 | $3,335.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,403
Closing costs & prepaids$13,462
Usable credit−$0
Total buyer cash needed$58,865
Earnest money paid−$0
Remaining funds due$58,865
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,147.50
Prepaid interest, first (4 days)$30.74
Prepaid interest, second (4 days)$309.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5 moOf the original 40-year loan at 6.91%
Interest already paid$4,460Through Dec 2026
Assumption only · ends May 2065$81,539
Assumption + second · ends May 2065, second Jan 2057$656,325
New conventional · ends Jan 2057$584,620