Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,801/mo
Lowest payment
Down payment
$113,493
Funds due
$124,257
Interest + MI left
$157,634
First ends
Apr 2052
Assumption

Assumption + second

$2,421/mo
+$620/mo
Down payment
$36,493
Funds due
$48,678
Interest + MI left
$303,675
First ends
Apr 2052
New loan

New conventional

$2,646/mo
+$844/mo
Down payment
$36,493
Funds due
$45,454
Interest + MI left
$471,494
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$245,507$245,507$322,507
Second mortgage—$77,000—
First P&I$1,212.36$1,212.36$2,184.77
Second P&I—$619.56—
Mortgage insurance$192.43$192.43$64.50
Taxes, insurance & HOA$396.58$396.58$396.58
Total housing payment$1,801.37$2,420.93$2,645.86

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$36,493
Closing costs & prepaids$12,184
Usable credit−$0
Total buyer cash needed$48,678
Earnest money paid−$0
Remaining funds due$48,678
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$430.75
Initial HOA (3 months)$309.00
Prepaid interest, first (9 days)$208.85
Prepaid interest, second (9 days)$170.88

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 4 moOf the original 30-year loan at 3.45%
Interest already paid$41,727Through Dec 2026
Assumption only · ends Apr 2052$157,634
Assumption + second · ends Apr 2052, second Jan 2057$303,675
New conventional · ends Jan 2057$471,494