Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,032/mo
Lowest payment
Down payment
$117,273
Funds due
$126,498
Interest + MI left
$66,642
First ends
Dec 2050
Assumption

Assumption + second

$1,764/mo
+$732/mo
Down payment
$26,273
Funds due
$36,949
Interest + MI left
$239,236
First ends
Dec 2050
New loan

New conventional

$1,884/mo
+$852/mo
Down payment
$26,273
Funds due
$33,761
Interest + MI left
$341,748
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$142,727$142,727$233,727
Second mortgage—$91,000—
First P&I$659.54$659.54$1,583.35
Second P&I—$732.21—
Mortgage insurance$118.24$118.24$46.75
Taxes, insurance & HOA$254.00$254.00$254.00
Total housing payment$1,031.77$1,763.98$1,884.09

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$26,273
Closing costs & prepaids$10,677
Usable credit−$0
Total buyer cash needed$36,949
Earnest money paid−$0
Remaining funds due$36,949
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$312.00
Prepaid interest, first (9 days)$87.98
Prepaid interest, second (9 days)$201.95

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 yrOf the original 30-year loan at 2.5%
Interest already paid$23,294Through Dec 2026
Assumption only · ends Dec 2050$66,642
Assumption + second · ends Dec 2050, second Jan 2057$239,236
New conventional · ends Jan 2057$341,748