Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$751/mo
Lowest payment- Down payment
- $305,633
- Funds due
- $315,599
- Interest + MI left
- $25,146
- First ends
- May 2039
Assumption
Assumption + second
$2,678/mo
+$1,927/mo- Down payment
- $36,633
- Funds due
- $47,906
- Interest + MI left
- $449,919
- First ends
- May 2039
New loan
New conventional
$2,498/mo
+$1,747/mo- Down payment
- $36,633
- Funds due
- $44,491
- Interest + MI left
- $490,343
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $54,367 | $54,367 | $323,367 |
| Second mortgage | — | $269,000 | — |
| First P&I | $492.29 | $492.29 | $2,238.93 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | $63.86 | $63.86 | $64.67 |
| Taxes, insurance & HOA | $194.50 | $194.50 | $194.50 |
| Total housing payment | $750.65 | $2,677.80 | $2,498.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,633
Closing costs & prepaids$11,273
Usable credit−$0
Total buyer cash needed$47,906
Earnest money paid−$0
Remaining funds due$47,906
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)$7.67
Prepaid interest, second (1 days)$57.12
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 5.150%
Interest already paid$67,589Through Nov 2026
Assumption only · ends May 2039$25,146
Assumption + second · ends May 2039, second Dec 2056$449,919
New conventional · ends Dec 2056$490,343