Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,248/mo
Lowest payment- Down payment
- $234,975
- Funds due
- $244,916
- Interest + MI left
- $1,581
- First ends
- Nov 2028
Assumption
Assumption + second
$2,753/mo
+$1,504/mo- Down payment
- $24,975
- Funds due
- $36,567
- Interest + MI left
- $333,189
- First ends
- Nov 2028
New loan
New conventional
$2,117/mo
+$869/mo- Down payment
- $24,975
- Funds due
- $33,251
- Interest + MI left
- $327,562
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,025 | $14,025 | $224,025 |
| Second mortgage | — | $210,000 | — |
| First P&I | $631.30 | $631.30 | $1,517.62 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $62.59 | $62.59 | $44.81 |
| Taxes, insurance & HOA | $554.58 | $554.58 | $554.58 |
| Total housing payment | $1,248.48 | $2,752.94 | $2,117.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,975
Closing costs & prepaids$11,592
Usable credit−$0
Total buyer cash needed$36,567
Earnest money paid−$0
Remaining funds due$36,567
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$298.75
Initial HOA (3 months)$915.00
Prepaid interest, first (9 days)$12.07
Prepaid interest, second (9 days)$401.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 15-year loan at 3.49%
Interest already paid$24,770Through Dec 2026
Assumption only · ends Nov 2028$1,581
Assumption + second · ends Nov 2028, second Jan 2057$333,189
New conventional · ends Jan 2057$327,562