Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,155/mo
Lowest payment
Down payment
$63,382
Funds due
$73,738
Interest + MI left
$287,262
First ends
Nov 2052
Assumption

Assumption + second

$2,389/mo
+$233/mo
Down payment
$34,382
Funds due
$46,053
Interest + MI left
$342,265
First ends
Nov 2052
New loan

New conventional

$2,381/mo
+$225/mo
Down payment
$34,382
Funds due
$42,747
Interest + MI left
$439,493
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$271,618$271,618$300,618
Second mortgage—$29,000—
First P&I$1,666.92$1,666.92$2,036.49
Second P&I—$233.34—
Mortgage insurance$204.33$204.33$60.12
Taxes, insurance & HOA$284.00$284.00$284.00
Total housing payment$2,155.25$2,388.59$2,380.61

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,382
Closing costs & prepaids$11,670
Usable credit−$0
Total buyer cash needed$46,053
Earnest money paid−$0
Remaining funds due$46,053
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Prepaid interest, first (9 days)$379.07
Prepaid interest, second (9 days)$64.36

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 closing25 yr 11 moOf the original 30-year loan at 5.66%
Interest already paid$64,836Through Dec 2026
Assumption only · ends Nov 2052$287,262
Assumption + second · ends Nov 2052, second Jan 2057$342,265
New conventional · ends Jan 2057$439,493