Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,238/mo
Lowest payment
Down payment
$66,525
Funds due
$77,746
Interest + MI left
$177,355
First ends
Aug 2051
Assumption

Assumption + second

$2,455/mo
+$217/mo
Down payment
$39,525
Funds due
$52,055
Interest + MI left
$228,564
First ends
Aug 2051
New loan

New conventional

$2,881/mo
+$643/mo
Down payment
$39,525
Funds due
$48,935
Interest + MI left
$512,306
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$323,375$323,375$350,375
Second mortgage—$27,000—
First P&I$1,540.71$1,540.71$2,373.56
Second P&I—$217.25—
Mortgage insurance$260.18$260.18$70.08
Taxes, insurance & HOA$437.00$437.00$437.00
Total housing payment$2,237.89$2,455.14$2,880.64

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,525
Closing costs & prepaids$12,531
Usable credit−$0
Total buyer cash needed$52,055
Earnest money paid−$0
Remaining funds due$52,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Initial HOA (3 months)$393.00
Prepaid interest, first (9 days)$236.02
Prepaid interest, second (9 days)$59.92

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 8 moOf the original 30-year loan at 2.96%
Interest already paid$54,664Through Dec 2026
Assumption only · ends Aug 2051$177,355
Assumption + second · ends Aug 2051, second Jan 2057$228,564
New conventional · ends Jan 2057$512,306