Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,054/mo
Lowest payment
Down payment
$176,156
Funds due
$186,455
Interest + MI left
$62,536
First ends
Jul 2055
Assumption

Assumption + second

$2,140/mo
+$1,086/mo
Down payment
$28,156
Funds due
$39,997
Interest + MI left
$305,485
First ends
Jul 2055
New loan

New conventional

$2,287/mo
+$1,232/mo
Down payment
$28,156
Funds due
$36,731
Interest + MI left
$360,877
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$98,844$98,844$246,844
Second mortgage—$148,000—
First P&I$442.82$442.82$1,672.21
Second P&I—$1,085.97—
Mortgage insurance$46.64$46.64$49.37
Taxes, insurance & HOA$565.00$565.00$565.00
Total housing payment$1,054.46$2,140.43$2,286.58

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,156
Closing costs & prepaids$11,841
Usable credit−$0
Total buyer cash needed$39,997
Earnest money paid−$0
Remaining funds due$39,997
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Initial HOA (3 months)$915.00
Prepaid interest, first (9 days)$79.21
Prepaid interest, second (9 days)$291.95

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 closing28 yr 7 moOf the original 30-year loan at 3.25%
Interest already paid$4,622Through Dec 2026
Assumption only · ends Jul 2055$62,536
Assumption + second · ends Jul 2055, second Jan 2057$305,485
New conventional · ends Jan 2057$360,877