Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,653/mo
Lowest payment
Down payment
$104,558
Funds due
$114,948
Interest + MI left
$122,483
First ends
May 2051
Assumption

Assumption + second

$2,216/mo
+$563/mo
Down payment
$34,558
Funds due
$46,354
Interest + MI left
$255,248
First ends
May 2051
New loan

New conventional

$2,481/mo
+$827/mo
Down payment
$34,558
Funds due
$43,180
Interest + MI left
$446,399
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$235,342$235,342$305,342
Second mortgage—$70,000—
First P&I$1,110.93$1,110.93$2,068.49
Second P&I—$563.24—
Mortgage insurance$191.26$191.26$61.07
Taxes, insurance & HOA$351.00$351.00$351.00
Total housing payment$1,653.19$2,216.43$2,480.56

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,558
Closing costs & prepaids$11,795
Usable credit−$0
Total buyer cash needed$46,354
Earnest money paid−$0
Remaining funds due$46,354
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$408.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$163.06
Prepaid interest, second (9 days)$155.34

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$39,755Through Dec 2026
Assumption only · ends May 2051$122,483
Assumption + second · ends May 2051, second Jan 2057$255,248
New conventional · ends Jan 2057$446,399