Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,246/mo
Lowest payment- Down payment
- $260,286
- Funds due
- $270,469
- Interest + MI left
- $1,670
- First ends
- Nov 2028
Assumption
Assumption + second
$2,908/mo
+$1,662/mo- Down payment
- $28,286
- Funds due
- $39,818
- Interest + MI left
- $368,018
- First ends
- Nov 2028
New loan
New conventional
$2,309/mo
+$1,063/mo- Down payment
- $28,286
- Funds due
- $36,483
- Interest + MI left
- $373,908
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,614 | $14,614 | $246,614 |
| Second mortgage | — | $232,000 | — |
| First P&I | $631.30 | $631.30 | $1,707.51 |
| Second P&I | — | $1,662.08 | — |
| Mortgage insurance | $62.59 | $62.59 | $49.32 |
| Taxes, insurance & HOA | $552.08 | $552.08 | $552.08 |
| Total housing payment | $1,245.98 | $2,908.06 | $2,308.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,286
Closing costs & prepaids$11,532
Usable credit−$0
Total buyer cash needed$39,818
Earnest money paid−$0
Remaining funds due$39,818
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$291.25
Initial HOA (3 months)$915.00
Prepaid interest, first (2 days)$2.79
Prepaid interest, second (2 days)$98.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing2 yrOf the original 15-year loan at 3.490%
Interest already paid$24,728Through Nov 2026
Assumption only · ends Nov 2028$1,670
Assumption + second · ends Nov 2028, second Dec 2056$368,018
New conventional · ends Dec 2056$373,908