Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,230/mo
Lowest payment
Down payment
$48,762
Funds due
$61,075
Interest + MI left
$431,128
First ends
Sep 2052
Assumption

Assumption + second

$3,485/mo
+$255/mo
Down payment
$23,762
Funds due
$37,398
Interest + MI left
$497,838
First ends
Sep 2052
New loan

New conventional

$3,467/mo
+$237/mo
Down payment
$23,762
Funds due
$34,253
Interest + MI left
$654,883
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$421,238$421,238$446,238
Second mortgage—$25,000—
First P&I$2,556.88$2,556.88$3,022.97
Second P&I—$254.75—
Mortgage insurance$318.27$318.27$89.25
Taxes, insurance & HOA$354.67$354.67$354.67
Total housing payment$3,229.82$3,484.57$3,466.89

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$23,762
Closing costs & prepaids$13,636
Usable credit−$0
Total buyer cash needed$37,398
Earnest money paid−$0
Remaining funds due$37,398
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$564.00
Prepaid interest, first (9 days)$573.34
Prepaid interest, second (9 days)$73.20

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 closing25 yr 9 moOf the original 30-year loan at 5.52%
Interest already paid$102,310Through Dec 2026
Assumption only · ends Sep 2052$431,128
Assumption + second · ends Sep 2052, second Jan 2057$497,838
New conventional · ends Jan 2057$654,883