Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,331/mo
+$382/mo
Down payment
$179,484
Funds due
$190,804
Interest + MI left
$109,861
First ends
Jan 2037
Assumption

Assumption + second

$4,336/mo
+$1,387/mo
Down payment
$42,484
Funds due
$55,324
Interest + MI left
$334,754
First ends
Jan 2037
New loan

New conventional

$2,949/mo
Lowest payment
Down payment
$42,484
Funds due
$51,861
Interest + MI left
$550,529
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$239,516$239,516$376,516
Second mortgage—$137,000—
First P&I$2,704.90$2,704.90$2,550.65
Second P&I—$1,005.26—
Mortgage insurance$302.81$302.81$75.30
Taxes, insurance & HOA$323.25$323.25$323.25
Total housing payment$3,330.97$4,336.23$2,949.21

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,484
Closing costs & prepaids$12,839
Usable credit−$0
Total buyer cash needed$55,324
Earnest money paid−$0
Remaining funds due$55,324
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$502.75
Initial HOA (3 months)$17.01
Prepaid interest, first (9 days)$384.47
Prepaid interest, second (9 days)$270.25

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 closing10 yr 1 moOf the original 30-year loan at 6.51%
Interest already paid$458,487Through Dec 2026
Assumption only · ends Jan 2037$109,861
Assumption + second · ends Jan 2037, second Jan 2057$334,754
New conventional · ends Jan 2057$550,529