Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,454/mo
Lowest payment
Down payment
$144,728
Funds due
$156,421
Interest + MI left
$379,261
First ends
Mar 2054
Assumption

Assumption + second

$3,195/mo
+$741/mo
Down payment
$43,728
Funds due
$56,870
Interest + MI left
$545,058
First ends
Mar 2054
New loan

New conventional

$3,089/mo
+$635/mo
Down payment
$43,728
Funds due
$53,388
Interest + MI left
$572,104
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$290,272$290,272$391,272
Second mortgage—$101,000—
First P&I$1,956.34$1,956.34$2,650.61
Second P&I—$741.10—
Mortgage insurance$137.26$137.26$78.25
Taxes, insurance & HOA$360.00$360.00$360.00
Total housing payment$2,453.60$3,194.71$3,088.87

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,728
Closing costs & prepaids$13,142
Usable credit−$0
Total buyer cash needed$56,870
Earnest money paid−$0
Remaining funds due$56,870
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Initial HOA (3 months)$108.00
Prepaid interest, first (9 days)$488.13
Prepaid interest, second (9 days)$199.23

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 closing27 yr 3 moOf the original 30-year loan at 6.82%
Interest already paid$55,357Through Dec 2026
Assumption only · ends Mar 2054$379,261
Assumption + second · ends Mar 2054, second Jan 2057$545,058
New conventional · ends Jan 2057$572,104