Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,702/mo
Lowest payment
Down payment
$122,948
Funds due
$135,693
Interest + MI left
$260,718
First ends
Apr 2052
Assumption

Assumption + second

$3,265/mo
+$563/mo
Down payment
$52,948
Funds due
$67,098
Interest + MI left
$393,483
First ends
Apr 2052
New loan

New conventional

$3,698/mo
+$997/mo
Down payment
$52,948
Funds due
$63,861
Interest + MI left
$696,067
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$406,052$406,052$476,052
Second mortgage—$70,000—
First P&I$2,005.16$2,005.16$3,224.94
Second P&I—$563.24—
Mortgage insurance$318.27$318.27$95.21
Taxes, insurance & HOA$378.25$378.25$378.25
Total housing payment$2,701.69$3,264.92$3,698.40

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$52,948
Closing costs & prepaids$14,151
Usable credit−$0
Total buyer cash needed$67,098
Earnest money paid−$0
Remaining funds due$67,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,290.00
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)$634.75
Prepaid interest, first (9 days)$345.42
Prepaid interest, second (9 days)$155.34

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$69,014Through Dec 2026
Assumption only · ends Apr 2052$260,718
Assumption + second · ends Apr 2052, second Jan 2057$393,483
New conventional · ends Jan 2057$696,067