Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,781/mo
Lowest payment
Down payment
$176,510
Funds due
$189,489
Interest + MI left
$340,954
First ends
Jul 2052
Assumption

Assumption + second

$3,676/mo
+$895/mo
Down payment
$54,510
Funds due
$68,980
Interest + MI left
$541,223
First ends
Jul 2052
New loan

New conventional

$3,768/mo
+$987/mo
Down payment
$54,510
Funds due
$65,546
Interest + MI left
$709,720
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$363,390$363,390$485,390
Second mortgage—$122,000—
First P&I$2,121.41$2,121.41$3,288.20
Second P&I—$895.19—
Mortgage insurance$276.76$276.76$97.08
Taxes, insurance & HOA$382.67$382.67$382.67
Total housing payment$2,780.84$3,676.03$3,767.95

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$54,510
Closing costs & prepaids$14,470
Usable credit−$0
Total buyer cash needed$68,980
Earnest money paid−$0
Remaining funds due$68,980
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$648.00
Prepaid interest, first (9 days)$456.98
Prepaid interest, second (9 days)$240.66

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 7 moOf the original 30-year loan at 5.1%
Interest already paid$85,105Through Dec 2026
Assumption only · ends Jul 2052$340,954
Assumption + second · ends Jul 2052, second Jan 2057$541,223
New conventional · ends Jan 2057$709,720