Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,255/mo
Lowest payment- Down payment
- $250,975
- Funds due
- $261,095
- Interest + MI left
- $1,581
- First ends
- Nov 2028
Assumption
Assumption + second
$2,860/mo
+$1,605/mo- Down payment
- $26,975
- Funds due
- $38,773
- Interest + MI left
- $355,296
- First ends
- Nov 2028
New loan
New conventional
$2,221/mo
+$966/mo- Down payment
- $26,975
- Funds due
- $35,435
- Interest + MI left
- $347,984
- 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 | $238,025 |
| Second mortgage | — | $224,000 | — |
| First P&I | $631.30 | $631.30 | $1,612.46 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $62.59 | $62.59 | $47.61 |
| Taxes, insurance & HOA | $561.00 | $561.00 | $561.00 |
| Total housing payment | $1,254.90 | $2,859.66 | $2,221.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,975
Closing costs & prepaids$11,798
Usable credit−$0
Total buyer cash needed$38,773
Earnest money paid−$0
Remaining funds due$38,773
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Initial HOA (3 months)$915.00
Prepaid interest, first (9 days)$12.07
Prepaid interest, second (9 days)$428.05
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$355,296
New conventional · ends Jan 2057$347,984