Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,403/mo
Lowest payment- Down payment
- $187,342
- Funds due
- $197,776
- Interest + MI left
- $795
- First ends
- May 2028
Assumption
Assumption + second
$2,629/mo
+$1,225/mo- Down payment
- $20,342
- Funds due
- $32,245
- Interest + MI left
- $274,934
- First ends
- May 2028
New loan
New conventional
$2,119/mo
+$716/mo- Down payment
- $20,342
- Funds due
- $28,975
- Interest + MI left
- $255,163
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,558 | $7,558 | $174,558 |
| Second mortgage | — | $167,000 | — |
| First P&I | $453.62 | $453.62 | $1,182.52 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $47.51 | $47.51 | $34.91 |
| Taxes, insurance & HOA | $902.00 | $902.00 | $902.00 |
| Total housing payment | $1,403.13 | $2,628.52 | $2,119.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,342
Closing costs & prepaids$11,903
Usable credit−$0
Total buyer cash needed$32,245
Earnest money paid−$0
Remaining funds due$32,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,949.00
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)$234.00
Initial HOA (3 months)$2,022.00
Prepaid interest, first (6 days)$3.35
Prepaid interest, second (6 days)$219.62
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 5 moOf the original 15-year loan at 2.7%
Interest already paid$14,418Through Dec 2026
Assumption only · ends May 2028$795
Assumption + second · ends May 2028, second Jan 2057$274,934
New conventional · ends Jan 2057$255,163