Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$789/mo
Lowest payment- Down payment
- $253,462
- Funds due
- $262,607
- Interest + MI left
- $954
- First ends
- Feb 2028
Assumption
Assumption + second
$2,415/mo
+$1,626/mo- Down payment
- $26,462
- Funds due
- $37,290
- Interest + MI left
- $359,406
- First ends
- Feb 2028
New loan
New conventional
$1,882/mo
+$1,093/mo- Down payment
- $26,462
- Funds due
- $33,947
- Interest + MI left
- $341,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,438 | $6,438 | $233,438 |
| Second mortgage | — | $227,000 | — |
| First P&I | $475.80 | $475.80 | $1,581.39 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | $59.42 | $59.42 | $46.69 |
| Taxes, insurance & HOA | $254.00 | $254.00 | $254.00 |
| Total housing payment | $789.23 | $2,415.48 | $1,882.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,462
Closing costs & prepaids$10,829
Usable credit−$0
Total buyer cash needed$37,290
Earnest money paid−$0
Remaining funds due$37,290
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)$312.00
Prepaid interest, first (9 days)$8.72
Prepaid interest, second (9 days)$433.79
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 2 moOf the original 30-year loan at 5.49%
Interest already paid$87,174Through Dec 2026
Assumption only · ends Feb 2028$954
Assumption + second · ends Feb 2028, second Jan 2057$359,406
New conventional · ends Jan 2057$341,278