Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,342/mo
Lowest payment- Down payment
- $246,395
- Funds due
- $256,731
- Interest + MI left
- $432
- First ends
- Jun 2027
Assumption
Assumption + second
$2,925/mo
+$1,583/mo- Down payment
- $25,395
- Funds due
- $37,263
- Interest + MI left
- $349,410
- First ends
- Jun 2027
New loan
New conventional
$2,252/mo
+$910/mo- Down payment
- $25,395
- Funds due
- $33,938
- Interest + MI left
- $328,219
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,505 | $3,505 | $224,505 |
| Second mortgage | — | $221,000 | — |
| First P&I | $597.62 | $597.62 | $1,520.88 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $58.58 | $58.58 | $44.90 |
| Taxes, insurance & HOA | $686.00 | $686.00 | $686.00 |
| Total housing payment | $1,342.20 | $2,925.47 | $2,251.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,395
Closing costs & prepaids$11,868
Usable credit−$0
Total buyer cash needed$37,263
Earnest money paid−$0
Remaining funds due$37,263
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$300.00
Initial HOA (3 months)$1,308.00
Prepaid interest, first (6 days)$4.52
Prepaid interest, second (6 days)$281.55
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 closing6 moOf the original 30-year loan at 7.84%
Interest already paid$132,364Through Dec 2026
Assumption only · ends Jun 2027$432
Assumption + second · ends Jun 2027, second Jan 2057$349,410
New conventional · ends Jan 2057$328,219