Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,007/mo
Lowest payment- Down payment
- $375,000
- Funds due
- $384,418
- Interest + MI left
- $0
- First ends
- Dec 2026
Assumption
Assumption + second
$3,421/mo
+$2,414/mo- Down payment
- $38,000
- Funds due
- $49,312
- Interest + MI left
- $532,151
- First ends
- Dec 2026
New loan
New conventional
$2,650/mo
+$1,644/mo- Down payment
- $38,000
- Funds due
- $46,842
- Interest + MI left
- $492,750
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $337,000 |
| Second mortgage | — | $337,000 | — |
| First P&I | $706.63 | $706.63 | $2,282.96 |
| Second P&I | — | $2,414.31 | — |
| Mortgage insurance | — | — | $67.40 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,006.63 | $3,420.94 | $2,650.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,000
Closing costs & prepaids$11,312
Usable credit−$0
Total buyer cash needed$49,312
Earnest money paid−$0
Remaining funds due$49,312
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Prepaid interest, second (9 days)$643.99
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 7.88%
Interest already paid$156,976Through Dec 2026
Assumption only · ends Dec 2026$0
Assumption + second · ends Dec 2026, second Jan 2057$532,151
New conventional · ends Jan 2057$492,750