Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,165/mo
Lowest payment
Down payment
$87,289
Funds due
$97,948
Interest + MI left
$292,836
First ends
Mar 2053
Assumption

Assumption + second

$2,599/mo
+$434/mo
Down payment
$33,289
Funds due
$45,318
Interest + MI left
$395,254
First ends
Mar 2053
New loan

New conventional

$2,467/mo
+$303/mo
Down payment
$33,289
Funds due
$41,959
Interest + MI left
$432,378
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$241,711$241,711$295,711
Second mortgage—$54,000—
First P&I$1,579.95$1,579.95$2,003.25
Second P&I—$434.50—
Mortgage insurance$179.67$179.67$59.14
Taxes, insurance & HOA$404.91$404.91$404.91
Total housing payment$2,164.53$2,599.03$2,467.30

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$33,289
Closing costs & prepaids$12,029
Usable credit−$0
Total buyer cash needed$45,318
Earnest money paid−$0
Remaining funds due$45,318
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$394.75
Initial HOA (3 months)$369.99
Prepaid interest, first (9 days)$379.06
Prepaid interest, second (9 days)$119.84

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 closing26 yr 3 moOf the original 30-year loan at 6.36%
Interest already paid$59,160Through Dec 2026
Assumption only · ends Mar 2053$292,836
Assumption + second · ends Mar 2053, second Jan 2057$395,254
New conventional · ends Jan 2057$432,378