Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,599/mo
Lowest payment
Down payment
$239,025
Funds due
$251,208
Interest + MI left
$78,008
First ends
May 2039
Assumption

Assumption + second

$4,015/mo
+$1,416/mo
Down payment
$46,025
Funds due
$59,839
Interest + MI left
$394,827
First ends
May 2039
New loan

New conventional

$3,358/mo
+$759/mo
Down payment
$46,025
Funds due
$56,485
Interest + MI left
$605,300
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$220,975$220,975$413,975
Second mortgage—$193,000—
First P&I$1,841.31$1,841.31$2,804.41
Second P&I—$1,416.17—
Mortgage insurance$286.88$286.88$82.80
Taxes, insurance & HOA$470.67$470.67$470.67
Total housing payment$2,598.86$4,015.02$3,357.87

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$46,025
Closing costs & prepaids$13,814
Usable credit−$0
Total buyer cash needed$59,839
Earnest money paid−$0
Remaining funds due$59,839
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$552.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$196.15
Prepaid interest, second (9 days)$380.71

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 closing12 yr 5 moOf the original 30-year loan at 3.6%
Interest already paid$204,492Through Dec 2026
Assumption only · ends May 2039$78,008
Assumption + second · ends May 2039, second Jan 2057$394,827
New conventional · ends Jan 2057$605,300