Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$88,429/mo
+$85,219/mo- Down payment
- $266,051
- Funds due
- $277,420
- Interest + MI left
- $2,140
- First ends
- Jan 2027
Assumption
Assumption + second
$90,019/mo
+$86,810/mo- Down payment
- $44,051
- Funds due
- $56,717
- Interest + MI left
- $352,697
- First ends
- Jan 2027
New loan
New conventional
$3,210/mo
Lowest payment- Down payment
- $44,051
- Funds due
- $53,233
- Interest + MI left
- $600,468
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,939 | $173,939 | $395,939 |
| Second mortgage | — | $222,000 | — |
| First P&I | $87,572.25 | $87,572.25 | $2,741.40 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | $467.50 | $467.50 | $79.19 |
| Taxes, insurance & HOA | $389.08 | $389.08 | $389.08 |
| Total housing payment | $88,428.83 | $90,019.26 | $3,209.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,051
Closing costs & prepaids$12,666
Usable credit−$0
Total buyer cash needed$56,717
Earnest money paid−$0
Remaining funds due$56,717
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.90
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)$225.25
Initial HOA (3 months)$492.00
Prepaid interest, first (1 days)$26.40
Prepaid interest, second (1 days)$47.14
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 closing2 moOf the original 1-year loan at 5.540%
Interest already paid$29,662Through Nov 2026
Assumption only · ends Jan 2027$2,140
Assumption + second · ends Jan 2027, second Dec 2056$352,697
New conventional · ends Dec 2056$600,468