Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$505/mo
Lowest payment- Down payment
- $369,681
- Funds due
- $380,617
- Interest + MI left
- $10,884
- First ends
- Aug 2064
Assumption
Assumption + second
$2,884/mo
+$2,378/mo- Down payment
- $37,681
- Funds due
- $50,149
- Interest + MI left
- $535,140
- First ends
- Aug 2064
New loan
New conventional
$2,805/mo
+$2,300/mo- Down payment
- $37,681
- Funds due
- $46,698
- Interest + MI left
- $487,407
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,319 | $5,319 | $337,319 |
| Second mortgage | — | $332,000 | — |
| First P&I | $34.09 | $34.09 | $2,269.17 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | $2.46 | $2.46 | $67.46 |
| Taxes, insurance & HOA | $468.75 | $468.75 | $468.75 |
| Total housing payment | $505.30 | $2,883.79 | $2,805.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,681
Closing costs & prepaids$12,467
Usable credit−$0
Total buyer cash needed$50,149
Earnest money paid−$0
Remaining funds due$50,149
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$956.25
Prepaid interest, first (4 days)$4.18
Prepaid interest, second (4 days)$281.97
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 closing37 yr 8 moOf the original 40-year loan at 7.17%
Interest already paid$895Through Dec 2026
Assumption only · ends Aug 2064$10,884
Assumption + second · ends Aug 2064, second Jan 2057$535,140
New conventional · ends Jan 2057$487,407