Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$950/mo
Lowest payment- Down payment
- $168,381
- Funds due
- $177,854
- Interest + MI left
- $72,068
- First ends
- Dec 2051
Assumption
Assumption + second
$1,963/mo
+$1,013/mo- Down payment
- $30,381
- Funds due
- $41,134
- Interest + MI left
- $298,603
- First ends
- Dec 2051
New loan
New conventional
$2,150/mo
+$1,200/mo- Down payment
- $30,381
- Funds due
- $37,794
- Interest + MI left
- $408,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,619 | $131,619 | $269,619 |
| Second mortgage | — | $138,000 | — |
| First P&I | $615.93 | $615.93 | $1,866.79 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $104.82 | $104.82 | $53.92 |
| Taxes, insurance & HOA | $229.17 | $229.17 | $229.17 |
| Total housing payment | $949.92 | $1,962.51 | $2,149.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,381
Closing costs & prepaids$10,753
Usable credit−$0
Total buyer cash needed$41,134
Earnest money paid−$0
Remaining funds due$41,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$237.50
Prepaid interest, first (1 days)$10.46
Prepaid interest, second (1 days)$30.25
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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$19,980Through Nov 2026
Assumption only · ends Dec 2051$72,068
Assumption + second · ends Dec 2051, second Dec 2056$298,603
New conventional · ends Dec 2056$408,841