Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,636/mo
Lowest payment
Down payment
$87,983
Funds due
$98,073
Interest + MI left
$125,138
First ends
Jan 2051
Assumption

Assumption + second

$2,071/mo
+$434/mo
Down payment
$33,983
Funds due
$45,443
Interest + MI left
$227,556
First ends
Jan 2051
New loan

New conventional

$2,347/mo
+$710/mo
Down payment
$33,983
Funds due
$42,288
Interest + MI left
$432,767
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$242,017$242,017$296,017
Second mortgage—$54,000—
First P&I$1,155.92$1,155.92$2,005.32
Second P&I—$434.50—
Mortgage insurance$198.50$198.50$59.20
Taxes, insurance & HOA$282.00$282.00$282.00
Total housing payment$1,636.42$2,070.92$2,346.53

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$33,983
Closing costs & prepaids$11,460
Usable credit−$0
Total buyer cash needed$45,443
Earnest money paid−$0
Remaining funds due$45,443
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Prepaid interest, first (9 days)$168.88
Prepaid interest, second (9 days)$119.84

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 1 moOf the original 30-year loan at 2.83%
Interest already paid$43,857Through Dec 2026
Assumption only · ends Jan 2051$125,138
Assumption + second · ends Jan 2051, second Jan 2057$227,556
New conventional · ends Jan 2057$432,767