Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,143/mo
Lowest payment- Down payment
- $194,205
- Funds due
- $203,982
- Interest + MI left
- $820
- First ends
- Feb 2028
Assumption
Assumption + second
$2,420/mo
+$1,277/mo- Down payment
- $20,205
- Funds due
- $31,461
- Interest + MI left
- $286,450
- First ends
- Feb 2028
New loan
New conventional
$1,919/mo
+$776/mo- Down payment
- $20,205
- Funds due
- $28,185
- Interest + MI left
- $262,890
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,795 | $5,795 | $179,795 |
| Second mortgage | — | $174,000 | — |
| First P&I | $432.66 | $432.66 | $1,217.99 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | $45.38 | $45.38 | $35.96 |
| Taxes, insurance & HOA | $665.00 | $665.00 | $665.00 |
| Total housing payment | $1,143.03 | $2,419.78 | $1,918.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,205
Closing costs & prepaids$11,256
Usable credit−$0
Total buyer cash needed$31,461
Earnest money paid−$0
Remaining funds due$31,461
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$240.00
Initial HOA (3 months)$1,305.00
Prepaid interest, first (6 days)$6.81
Prepaid interest, second (6 days)$228.82
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 2 moOf the original 30-year loan at 7.15%
Interest already paid$91,436Through Dec 2026
Assumption only · ends Feb 2028$820
Assumption + second · ends Feb 2028, second Jan 2057$286,450
New conventional · ends Jan 2057$262,890