Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,544/mo
Lowest payment
Down payment
$271,054
Funds due
$283,109
Interest + MI left
$111,348
First ends
May 2051
Assumption

Assumption + second

$3,135/mo
+$1,590/mo
Down payment
$49,054
Funds due
$62,783
Interest + MI left
$461,904
First ends
May 2051
New loan

New conventional

$3,401/mo
+$1,857/mo
Down payment
$49,054
Funds due
$59,442
Interest + MI left
$637,425
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$213,946$213,946$435,946
Second mortgage—$222,000—
First P&I$1,009.93$1,009.93$2,953.25
Second P&I—$1,590.44—
Mortgage insurance$173.88$173.88$87.19
Taxes, insurance & HOA$360.67$360.67$360.67
Total housing payment$1,544.47$3,134.91$3,401.11

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$49,054
Closing costs & prepaids$13,729
Usable credit−$0
Total buyer cash needed$62,783
Earnest money paid−$0
Remaining funds due$62,783
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Prepaid interest, first (9 days)$148.24
Prepaid interest, second (9 days)$424.23

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 closing24 yr 5 moOf the original 30-year loan at 2.81%
Interest already paid$36,141Through Dec 2026
Assumption only · ends May 2051$111,348
Assumption + second · ends May 2051, second Jan 2057$461,904
New conventional · ends Jan 2057$637,425