Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,795/mo
Lowest payment
Down payment
$132,517
Funds due
$143,423
Interest + MI left
$152,824
First ends
Jan 2052
Assumption

Assumption + second

$2,535/mo
+$740/mo
Down payment
$40,517
Funds due
$52,878
Interest + MI left
$327,315
First ends
Jan 2052
New loan

New conventional

$2,817/mo
+$1,022/mo
Down payment
$40,517
Funds due
$49,653
Interest + MI left
$525,609
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$267,473$267,473$359,473
Second mortgage—$92,000—
First P&I$1,272.53$1,272.53$2,435.20
Second P&I—$740.25—
Mortgage insurance$212.43$212.43$71.89
Taxes, insurance & HOA$310.00$310.00$310.00
Total housing payment$1,794.96$2,535.21$2,817.09

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,517
Closing costs & prepaids$12,360
Usable credit−$0
Total buyer cash needed$52,878
Earnest money paid−$0
Remaining funds due$52,878
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$480.00
Prepaid interest, first (9 days)$201.15
Prepaid interest, second (9 days)$204.16

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 1 moOf the original 30-year loan at 3.05%
Interest already paid$42,644Through Dec 2026
Assumption only · ends Jan 2052$152,824
Assumption + second · ends Jan 2052, second Jan 2057$327,315
New conventional · ends Jan 2057$525,609