Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,233/mo
Lowest payment- Down payment
- $270,000
- Funds due
- $280,179
- Interest + MI left
- $0
- First ends
- Jan 2026
Assumption
Assumption + second
$2,974/mo
+$1,741/mo- Down payment
- $27,000
- Funds due
- $38,739
- Interest + MI left
- $383,717
- First ends
- Jan 2026
New loan
New conventional
$2,263/mo
+$1,030/mo- Down payment
- $27,000
- Funds due
- $35,396
- Interest + MI left
- $355,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $243,000 |
| Second mortgage | — | $243,000 | — |
| First P&I | $665.16 | $665.16 | $1,646.17 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | — | — | $48.60 |
| Taxes, insurance & HOA | $568.00 | $568.00 | $568.00 |
| Total housing payment | $1,233.16 | $2,974.04 | $2,262.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,000
Closing costs & prepaids$11,739
Usable credit−$0
Total buyer cash needed$38,739
Earnest money paid−$0
Remaining funds due$38,739
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Initial HOA (3 months)$930.00
Prepaid interest, second (6 days)$309.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.81%
Interest already paid$28,636Through Jan 2026
Assumption only · ends Jan 2026$0
Assumption + second · ends Jan 2026, second Jan 2057$383,717
New conventional · ends Jan 2057$355,306