Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,782/mo
Lowest payment
Down payment
$203,008
Funds due
$216,753
Interest + MI left
$272,631
First ends
May 2052
Assumption

Assumption + second

$3,846/mo
+$1,064/mo
Down payment
$58,008
Funds due
$73,289
Interest + MI left
$510,656
First ends
May 2052
New loan

New conventional

$4,176/mo
+$1,393/mo
Down payment
$58,008
Funds due
$69,933
Interest + MI left
$763,092
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$376,892$376,892$521,892
Second mortgage—$145,000—
First P&I$1,953.73$1,953.73$3,535.48
Second P&I—$1,063.96—
Mortgage insurance$292.69$292.69$104.38
Taxes, insurance & HOA$535.67$535.67$535.67
Total housing payment$2,782.09$3,846.05$4,175.52

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$58,008
Closing costs & prepaids$15,281
Usable credit−$0
Total buyer cash needed$73,289
Earnest money paid−$0
Remaining funds due$73,289
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,799.00
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)$696.00
Initial HOA (3 months)$411.00
Prepaid interest, first (9 days)$364.29
Prepaid interest, second (9 days)$286.03

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 5 moOf the original 30-year loan at 3.92%
Interest already paid$71,135Through Dec 2026
Assumption only · ends May 2052$272,631
Assumption + second · ends May 2052, second Jan 2057$510,656
New conventional · ends Jan 2057$763,092