Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,140/mo
Lowest payment
Down payment
$137,164
Funds due
$148,380
Interest + MI left
$263,890
First ends
Sep 2052
Assumption

Assumption + second

$2,920/mo
+$780/mo
Down payment
$40,164
Funds due
$52,845
Interest + MI left
$447,864
First ends
Sep 2052
New loan

New conventional

$2,855/mo
+$715/mo
Down payment
$40,164
Funds due
$49,456
Interest + MI left
$518,758
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$257,836$257,836$354,836
Second mortgage—$97,000—
First P&I$1,565.04$1,565.04$2,403.78
Second P&I—$780.48—
Mortgage insurance$194.81$194.81$70.97
Taxes, insurance & HOA$380.00$380.00$380.00
Total housing payment$2,139.86$2,920.34$2,854.75

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,164
Closing costs & prepaids$12,681
Usable credit−$0
Total buyer cash needed$52,845
Earnest money paid−$0
Remaining funds due$52,845
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$216.00
Prepaid interest, first (9 days)$350.94
Prepaid interest, second (9 days)$215.26

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 9 moOf the original 30-year loan at 5.52%
Interest already paid$62,623Through Dec 2026
Assumption only · ends Sep 2052$263,890
Assumption + second · ends Sep 2052, second Jan 2057$447,864
New conventional · ends Jan 2057$518,758