Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$969/mo
Lowest payment
Down payment
$258,511
Funds due
$269,119
Interest + MI left
$58,024
First ends
May 2051
Assumption

Assumption + second

$2,552/mo
+$1,583/mo
Down payment
$37,511
Funds due
$49,791
Interest + MI left
$407,002
First ends
May 2051
New loan

New conventional

$2,671/mo
+$1,702/mo
Down payment
$37,511
Funds due
$46,456
Interest + MI left
$486,154
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$111,489$111,489$332,489
Second mortgage—$221,000—
First P&I$526.28$526.28$2,252.40
Second P&I—$1,583.27—
Mortgage insurance$90.61$90.61$66.50
Taxes, insurance & HOA$352.00$352.00$352.00
Total housing payment$968.89$2,552.16$2,670.89

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$37,511
Closing costs & prepaids$12,281
Usable credit−$0
Total buyer cash needed$49,791
Earnest money paid−$0
Remaining funds due$49,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$162.00
Prepaid interest, first (9 days)$77.25
Prepaid interest, second (9 days)$422.32

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$18,833Through Dec 2026
Assumption only · ends May 2051$58,024
Assumption + second · ends May 2051, second Jan 2057$407,002
New conventional · ends Jan 2057$486,154