Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$837/mo
Lowest payment- Down payment
- $194,988
- Funds due
- $202,906
- Interest + MI left
- $0
- First ends
- Jul 2025
Assumption
Assumption + second
$2,121/mo
+$1,284/mo- Down payment
- $19,988
- Funds due
- $29,233
- Interest + MI left
- $287,272
- First ends
- Jul 2025
New loan
New conventional
$1,647/mo
+$810/mo- Down payment
- $19,988
- Funds due
- $26,984
- Interest + MI left
- $265,364
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $175,000 |
| Second mortgage | — | $175,000 | — |
| First P&I | $436.38 | $436.38 | $1,211.66 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $35.00 |
| Taxes, insurance & HOA | $400.17 | $400.17 | $400.17 |
| Total housing payment | $836.54 | $2,120.63 | $1,646.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,988
Closing costs & prepaids$9,245
Usable credit−$0
Total buyer cash needed$29,233
Earnest money paid−$0
Remaining funds due$29,233
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,949.88
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)$750.50
Prepaid interest, second (2 days)$76.71
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 closing0 moOf the original 30-year loan at 8.240%
Interest already paid$98,956Through Jul 2025
Assumption only · ends Jul 2025$0
Assumption + second · ends Jul 2025, second Dec 2056$287,272
New conventional · ends Dec 2056$265,364