Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$406/mo
Lowest payment
Down payment
$321,377
Funds due
$331,492
Interest + MI left
$9,915
First ends
Oct 2051
Assumption

Assumption + second

$2,469/mo
+$2,063/mo
Down payment
$33,377
Funds due
$45,292
Interest + MI left
$464,691
First ends
Oct 2051
New loan

New conventional

$2,411/mo
+$2,005/mo
Down payment
$33,377
Funds due
$41,869
Interest + MI left
$433,712
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$8,623$8,623$296,623
Second mortgage—$288,000—
First P&I$59.52$59.52$2,009.43
Second P&I—$2,063.27—
Mortgage insurance$4.13$4.13$59.32
Taxes, insurance & HOA$342.00$342.00$342.00
Total housing payment$405.64$2,468.91$2,410.75

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$33,377
Closing costs & prepaids$11,916
Usable credit−$0
Total buyer cash needed$45,292
Earnest money paid−$0
Remaining funds due$45,292
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$14.27
Prepaid interest, second (9 days)$550.36

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 closing24 yr 10 moOf the original 28-year loan at 6.71%
Interest already paid$1,876Through Dec 2026
Assumption only · ends Oct 2051$9,915
Assumption + second · ends Oct 2051, second Jan 2057$464,691
New conventional · ends Jan 2057$433,712