Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,005/mo
Lowest payment
Down payment
$57,141
Funds due
$67,077
Interest + MI left
$316,294
First ends
Feb 2054
Assumption

Assumption + second

$2,223/mo
+$217/mo
Down payment
$30,141
Funds due
$41,387
Interest + MI left
$367,503
First ends
Feb 2054
New loan

New conventional

$2,115/mo
+$110/mo
Down payment
$30,141
Funds due
$38,037
Interest + MI left
$387,215
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$237,859$237,859$264,859
Second mortgage—$27,000—
First P&I$1,624.89$1,624.89$1,794.25
Second P&I—$217.25—
Mortgage insurance$112.51$112.51$52.97
Taxes, insurance & HOA$268.00$268.00$268.00
Total housing payment$2,005.40$2,222.65$2,115.22

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$30,141
Closing costs & prepaids$11,247
Usable credit−$0
Total buyer cash needed$41,387
Earnest money paid−$0
Remaining funds due$41,387
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Prepaid interest, first (9 days)$407.62
Prepaid interest, second (9 days)$59.92

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 2 moOf the original 30-year loan at 6.95%
Interest already paid$47,634Through Dec 2026
Assumption only · ends Feb 2054$316,294
Assumption + second · ends Feb 2054, second Jan 2057$367,503
New conventional · ends Jan 2057$387,215