Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$870/mo
Lowest payment- Down payment
- $354,447
- Funds due
- $364,553
- Interest + MI left
- $57
- First ends
- Dec 2026
Assumption
Assumption + second
$3,148/mo
+$2,278/mo- Down payment
- $36,447
- Funds due
- $47,871
- Interest + MI left
- $502,205
- First ends
- Dec 2026
New loan
New conventional
$2,530/mo
+$1,660/mo- Down payment
- $36,447
- Funds due
- $44,453
- Interest + MI left
- $482,980
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $553 | $553 | $318,553 |
| Second mortgage | — | $318,000 | — |
| First P&I | $556.80 | $556.80 | $2,205.60 |
| Second P&I | — | $2,278.19 | — |
| Mortgage insurance | $52.94 | $52.94 | $63.71 |
| Taxes, insurance & HOA | $260.42 | $260.42 | $260.42 |
| Total housing payment | $870.16 | $3,148.36 | $2,529.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,447
Closing costs & prepaids$11,424
Usable credit−$0
Total buyer cash needed$47,871
Earnest money paid−$0
Remaining funds due$47,871
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$331.25
Prepaid interest, first (1 days)$0.12
Prepaid interest, second (1 days)$67.52
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 moOf the original 30-year loan at 8.160%
Interest already paid$125,702Through Nov 2026
Assumption only · ends Dec 2026$57
Assumption + second · ends Dec 2026, second Dec 2056$502,205
New conventional · ends Dec 2056$482,980