Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,222/mo
Lowest payment- Down payment
- $214,749
- Funds due
- $224,556
- Interest + MI left
- $1,502
- First ends
- Jul 2028
Assumption
Assumption + second
$2,631/mo
+$1,409/mo- Down payment
- $22,749
- Funds due
- $34,059
- Interest + MI left
- $316,680
- First ends
- Jul 2028
New loan
New conventional
$2,001/mo
+$778/mo- Down payment
- $22,749
- Funds due
- $30,755
- Interest + MI left
- $295,724
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,251 | $10,251 | $202,251 |
| Second mortgage | — | $192,000 | — |
| First P&I | $572.24 | $572.24 | $1,370.12 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | $60.01 | $60.01 | $40.45 |
| Taxes, insurance & HOA | $590.00 | $590.00 | $590.00 |
| Total housing payment | $1,222.25 | $2,631.08 | $2,000.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,749
Closing costs & prepaids$11,310
Usable credit−$0
Total buyer cash needed$34,059
Earnest money paid−$0
Remaining funds due$34,059
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$270.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$12.05
Prepaid interest, second (6 days)$252.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing1 yr 7 moOf the original 30-year loan at 7.15%
Interest already paid$120,659Through Dec 2026
Assumption only · ends Jul 2028$1,502
Assumption + second · ends Jul 2028, second Jan 2057$316,680
New conventional · ends Jan 2057$295,724