Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$39,990/mo
+$34,969/mo- Down payment
- $670,000
- Funds due
- $684,850
- Interest + MI left
- $0
- First ends
- Nov 2026
Assumption
Assumption + second
$44,310/mo
+$39,289/mo- Down payment
- $67,000
- Funds due
- $86,813
- Interest + MI left
- $952,188
- First ends
- Nov 2026
New loan
New conventional
$5,021/mo
Lowest payment- Down payment
- $67,000
- Funds due
- $82,925
- Interest + MI left
- $914,490
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $603,000 |
| Second mortgage | — | $603,000 | — |
| First P&I | $39,264.87 | $39,264.87 | $4,175.05 |
| Second P&I | — | $4,319.97 | — |
| Mortgage insurance | — | — | $120.60 |
| Taxes, insurance & HOA | $725.00 | $725.00 | $725.00 |
| Total housing payment | $39,989.87 | $44,309.84 | $5,020.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,000
Closing costs & prepaids$19,813
Usable credit−$0
Total buyer cash needed$86,813
Earnest money paid−$0
Remaining funds due$86,813
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,700.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,675.00
Prepaid interest, second (29 days)$3,712.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 29 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 1-year loan at 6.500%
Interest already paid$16,178Through Nov 2026
Assumption only · ends Nov 2026$0
Assumption + second · ends Nov 2026, second Jan 2057$952,188
New conventional · ends Jan 2057$914,490