Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$842/mo
Lowest payment- Down payment
- $306,357
- Funds due
- $316,680
- Interest + MI left
- $24,088
- First ends
- May 2039
Assumption
Assumption + second
$2,776/mo
+$1,934/mo- Down payment
- $36,357
- Funds due
- $48,446
- Interest + MI left
- $450,441
- First ends
- May 2039
New loan
New conventional
$2,551/mo
+$1,709/mo- Down payment
- $36,357
- Funds due
- $45,023
- Interest + MI left
- $473,220
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $53,643 | $53,643 | $323,643 |
| Second mortgage | — | $270,000 | — |
| First P&I | $483.99 | $483.99 | $2,192.47 |
| Second P&I | — | $1,934.31 | — |
| Mortgage insurance | $63.86 | $63.86 | $64.73 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $841.86 | $2,776.17 | $2,551.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,357
Closing costs & prepaids$12,089
Usable credit−$0
Total buyer cash needed$48,446
Earnest money paid−$0
Remaining funds due$48,446
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Prepaid interest, first (9 days)$66.14
Prepaid interest, second (9 days)$515.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing12 yr 5 moOf the original 30-year loan at 5%
Interest already paid$65,607Through Dec 2026
Assumption only · ends May 2039$24,088
Assumption + second · ends May 2039, second Jan 2057$450,441
New conventional · ends Jan 2057$473,220