Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,888/mo
+$4,415/mo- Down payment
- $206,354
- Funds due
- $217,277
- Interest + MI left
- $2,082
- First ends
- Oct 2027
Assumption
Assumption + second
$8,202/mo
+$5,729/mo- Down payment
- $27,354
- Funds due
- $39,723
- Interest + MI left
- $295,920
- First ends
- Oct 2027
New loan
New conventional
$2,473/mo
Lowest payment- Down payment
- $27,354
- Funds due
- $36,385
- Interest + MI left
- $347,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $58,646 | $58,646 | $237,646 |
| Second mortgage | — | $179,000 | — |
| First P&I | $6,040.75 | $6,040.75 | $1,609.90 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | $32.08 | $32.08 | $47.53 |
| Taxes, insurance & HOA | $815.25 | $815.25 | $815.25 |
| Total housing payment | $6,888.08 | $8,201.52 | $2,472.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,354
Closing costs & prepaids$12,369
Usable credit−$0
Total buyer cash needed$39,723
Earnest money paid−$0
Remaining funds due$39,723
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$675.75
Initial HOA (3 months)$1,320.00
Prepaid interest, first (5 days)$52.22
Prepaid interest, second (5 days)$196.16
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 closing10 moOf the original 1-year loan at 6.5%
Interest already paid$728Through Dec 2026
Assumption only · ends Oct 2027$2,082
Assumption + second · ends Oct 2027, second Jan 2057$295,920
New conventional · ends Jan 2057$347,383