Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$742/mo
Lowest payment- Down payment
- $306,098
- Funds due
- $316,063
- Interest + MI left
- $24,351
- First ends
- May 2039
Assumption
Assumption + second
$2,677/mo
+$1,934/mo- Down payment
- $36,098
- Funds due
- $47,371
- Interest + MI left
- $450,704
- First ends
- May 2039
New loan
New conventional
$2,502/mo
+$1,760/mo- Down payment
- $36,098
- Funds due
- $43,961
- Interest + MI left
- $491,219
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $53,902 | $53,902 | $323,902 |
| Second mortgage | — | $270,000 | — |
| First P&I | $483.99 | $483.99 | $2,242.63 |
| Second P&I | — | $1,934.31 | — |
| Mortgage insurance | $63.86 | $63.86 | $64.78 |
| Taxes, insurance & HOA | $194.50 | $194.50 | $194.50 |
| Total housing payment | $742.36 | $2,676.67 | $2,501.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,098
Closing costs & prepaids$11,273
Usable credit−$0
Total buyer cash needed$47,371
Earnest money paid−$0
Remaining funds due$47,371
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)$133.50
Prepaid interest, first (1 days)$7.38
Prepaid interest, second (1 days)$57.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 5.000%
Interest already paid$65,382Through Nov 2026
Assumption only · ends May 2039$24,351
Assumption + second · ends May 2039, second Dec 2056$450,704
New conventional · ends Dec 2056$491,219