Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$846/mo
Lowest payment- Down payment
- $349,000
- Funds due
- $359,134
- Interest + MI left
- $0
- First ends
- Dec 2026
Assumption
Assumption + second
$3,096/mo
+$2,250/mo- Down payment
- $35,000
- Funds due
- $46,984
- Interest + MI left
- $495,832
- First ends
- Dec 2026
New loan
New conventional
$2,480/mo
+$1,633/mo- Down payment
- $35,000
- Funds due
- $43,540
- Interest + MI left
- $459,120
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $314,000 |
| Second mortgage | — | $314,000 | — |
| First P&I | $556.80 | $556.80 | $2,127.15 |
| Second P&I | — | $2,249.53 | — |
| Mortgage insurance | — | — | $62.80 |
| Taxes, insurance & HOA | $289.58 | $289.58 | $289.58 |
| Total housing payment | $846.39 | $3,095.92 | $2,479.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,000
Closing costs & prepaids$11,984
Usable credit−$0
Total buyer cash needed$46,984
Earnest money paid−$0
Remaining funds due$46,984
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Prepaid interest, second (9 days)$600.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8.16%
Interest already paid$125,706Through Dec 2026
Assumption only · ends Dec 2026$0
Assumption + second · ends Dec 2026, second Jan 2057$495,832
New conventional · ends Jan 2057$459,120