Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$812/mo
Lowest payment- Down payment
- $253,018
- Funds due
- $262,224
- Interest + MI left
- $1,004
- First ends
- Feb 2028
Assumption
Assumption + second
$2,439/mo
+$1,626/mo- Down payment
- $26,018
- Funds due
- $36,522
- Interest + MI left
- $359,456
- First ends
- Feb 2028
New loan
New conventional
$1,943/mo
+$1,131/mo- Down payment
- $26,018
- Funds due
- $33,210
- Interest + MI left
- $354,698
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,882 | $6,882 | $233,882 |
| Second mortgage | — | $227,000 | — |
| First P&I | $475.80 | $475.80 | $1,619.35 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | $59.42 | $59.42 | $46.78 |
| Taxes, insurance & HOA | $277.08 | $277.08 | $277.08 |
| Total housing payment | $812.31 | $2,438.57 | $1,943.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,018
Closing costs & prepaids$10,504
Usable credit−$0
Total buyer cash needed$36,522
Earnest money paid−$0
Remaining funds due$36,522
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$381.25
Prepaid interest, first (1 days)$1.04
Prepaid interest, second (1 days)$48.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 5.490%
Interest already paid$87,143Through Nov 2026
Assumption only · ends Feb 2028$1,004
Assumption + second · ends Feb 2028, second Dec 2056$359,456
New conventional · ends Dec 2056$354,698