Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$229/mo
Lowest payment
Down payment
$114,580
Funds due
$122,145
Interest + MI left
$5,789
First ends
Mar 2054
Assumption

Assumption + second

$978/mo
+$748/mo
Down payment
$12,580
Funds due
$21,596
Interest + MI left
$173,228
First ends
Mar 2054
New loan

New conventional

$940/mo
+$710/mo
Down payment
$12,580
Funds due
$18,400
Interest + MI left
$155,540
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$4,420$4,420$106,420
Second mortgage—$102,000—
First P&I$29.85$29.85$720.93
Second P&I—$748.44—
Mortgage insurance$2.07$2.07$21.28
Taxes, insurance & HOA$197.58$197.58$197.58
Total housing payment$229.50$977.94$939.79

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$12,580
Closing costs & prepaids$9,016
Usable credit−$0
Total buyer cash needed$21,596
Earnest money paid−$0
Remaining funds due$21,596
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,190.00
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)$142.75
Prepaid interest, first (9 days)$7.45
Prepaid interest, second (9 days)$201.21

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 29-year loan at 6.84%
Interest already paid$535Through Dec 2026
Assumption only · ends Mar 2054$5,789
Assumption + second · ends Mar 2054, second Jan 2057$173,228
New conventional · ends Jan 2057$155,540