Compare the three ways to buy

The payment, the cash to close, and what is left to pay

Cash to Close
Assumption

Assumption only

$2,276/mo
Lowest payment
Down payment
$44,029
Funds due
$54,613
Interest + MI left
$278,545
First ends
Nov 2052
Assumption

Assumption + second

$2,551/mo
+$275/mo
Down payment
$17,029
Funds due
$28,942
Interest + MI left
$350,592
First ends
Nov 2052
New loan

New conventional

$2,563/mo
+$287/mo
Down payment
$17,029
Funds due
$25,829
Interest + MI left
$459,243
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$285,971$285,971$312,971
Second mortgage—$27,000—
First P&I$1,679.37$1,679.37$2,120.17
Second P&I—$275.13—
Mortgage insurance$216.15$216.15$62.59
Taxes, insurance & HOA$380.33$380.33$380.33
Total housing payment$2,275.85$2,550.98$2,563.10

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$17,029
Closing costs & prepaids$11,913
Usable credit−$0
Total buyer cash needed$28,942
Earnest money paid−$0
Remaining funds due$28,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$294.99
Prepaid interest, first (9 days)$368.08
Prepaid interest, second (9 days)$79.06

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 closing25 yr 11 moOf the original 30-year loan at 5.22%
Interest already paid$63,113Through Dec 2026
Assumption only · ends Nov 2052$278,545
Assumption + second · ends Nov 2052, second Jan 2057$350,592
New conventional · ends Jan 2057$459,243