Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,769/mo
Lowest payment
Down payment
$46,619
Funds due
$56,614
Interest + MI left
$151,794
First ends
Feb 2052
Assumption

Assumption + second

$2,085/mo
+$316/mo
Down payment
$15,619
Funds due
$26,955
Interest + MI left
$234,515
First ends
Feb 2052
New loan

New conventional

$2,360/mo
+$591/mo
Down payment
$15,619
Funds due
$23,980
Interest + MI left
$432,023
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$263,381$263,381$294,381
Second mortgage—$31,000—
First P&I$1,253.05$1,253.05$1,994.24
Second P&I—$315.89—
Mortgage insurance$208.65$208.65$58.88
Taxes, insurance & HOA$307.00$307.00$307.00
Total housing payment$1,768.70$2,084.59$2,360.12

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$15,619
Closing costs & prepaids$11,336
Usable credit−$0
Total buyer cash needed$26,955
Earnest money paid−$0
Remaining funds due$26,955
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Initial HOA (3 months)$99.00
Prepaid interest, first (9 days)$199.38
Prepaid interest, second (9 days)$90.77

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 2 moOf the original 30-year loan at 3.07%
Interest already paid$41,492Through Dec 2026
Assumption only · ends Feb 2052$151,794
Assumption + second · ends Feb 2052, second Jan 2057$234,515
New conventional · ends Jan 2057$432,023