Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,452/mo
Lowest payment- Down payment
- $381,000
- Funds due
- $392,007
- Interest + MI left
- $0
- First ends
- Oct 2025
Assumption
Assumption + second
$3,902/mo
+$2,450/mo- Down payment
- $39,000
- Funds due
- $51,620
- Interest + MI left
- $540,047
- First ends
- Oct 2025
New loan
New conventional
$2,859/mo
+$1,407/mo- Down payment
- $39,000
- Funds due
- $48,153
- Interest + MI left
- $499,992
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $342,000 |
| Second mortgage | — | $342,000 | — |
| First P&I | $977.75 | $977.75 | $2,316.83 |
| Second P&I | — | $2,450.13 | — |
| Mortgage insurance | — | — | $68.40 |
| Taxes, insurance & HOA | $473.83 | $473.83 | $473.83 |
| Total housing payment | $1,451.59 | $3,901.72 | $2,859.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,000
Closing costs & prepaids$12,620
Usable credit−$0
Total buyer cash needed$51,620
Earnest money paid−$0
Remaining funds due$51,620
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,810.00
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)$971.50
Prepaid interest, second (5 days)$363.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 15-year loan at 4.5%
Interest already paid$48,184Through Oct 2025
Assumption only · ends Oct 2025$0
Assumption + second · ends Oct 2025, second Jan 2057$540,047
New conventional · ends Jan 2057$499,992