Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,963/mo
Lowest payment
Down payment
$234,290
Funds due
$246,348
Interest + MI left
$241,142
First ends
Sep 2052
Assumption

Assumption + second

$3,335/mo
+$1,372/mo
Down payment
$47,290
Funds due
$60,967
Interest + MI left
$548,113
First ends
Sep 2052
New loan

New conventional

$3,302/mo
+$1,339/mo
Down payment
$47,290
Funds due
$57,503
Interest + MI left
$617,926
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$235,610$235,610$422,610
Second mortgage—$187,000—
First P&I$1,430.13$1,430.13$2,862.91
Second P&I—$1,372.14—
Mortgage insurance$178.02$178.02$84.52
Taxes, insurance & HOA$354.67$354.67$354.67
Total housing payment$1,962.82$3,334.96$3,302.10

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$47,290
Closing costs & prepaids$13,678
Usable credit−$0
Total buyer cash needed$60,967
Earnest money paid−$0
Remaining funds due$60,967
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
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)$564.00
Prepaid interest, first (9 days)$320.69
Prepaid interest, second (9 days)$368.88

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 9 moOf the original 30-year loan at 5.52%
Interest already paid$57,225Through Dec 2026
Assumption only · ends Sep 2052$241,142
Assumption + second · ends Sep 2052, second Jan 2057$548,113
New conventional · ends Jan 2057$617,926