Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,119/mo
Lowest payment
Down payment
$96,935
Funds due
$107,744
Interest + MI left
$319,038
First ends
Dec 2054
Assumption

Assumption + second

$2,602/mo
+$483/mo
Down payment
$36,935
Funds due
$49,128
Interest + MI left
$432,837
First ends
Dec 2054
New loan

New conventional

$2,597/mo
+$478/mo
Down payment
$36,935
Funds due
$45,744
Interest + MI left
$472,295
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$263,055$263,055$323,055
Second mortgage—$60,000—
First P&I$1,651.44$1,651.44$2,188.49
Second P&I—$482.77—
Mortgage insurance$123.58$123.58$64.61
Taxes, insurance & HOA$344.00$344.00$344.00
Total housing payment$2,119.03$2,601.80$2,597.10

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$36,935
Closing costs & prepaids$12,192
Usable credit−$0
Total buyer cash needed$49,128
Earnest money paid−$0
Remaining funds due$49,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.90
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)$432.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$402.15
Prepaid interest, second (9 days)$133.15

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 closing28 yrOf the original 30-year loan at 6.2%
Interest already paid$33,052Through Dec 2026
Assumption only · ends Dec 2054$319,038
Assumption + second · ends Dec 2054, second Jan 2057$432,837
New conventional · ends Jan 2057$472,295