Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,133/mo
Lowest payment
Down payment
$92,840
Funds due
$103,411
Interest + MI left
$355,499
First ends
Mar 2055
Assumption

Assumption + second

$2,592/mo
+$459/mo
Down payment
$35,840
Funds due
$47,788
Interest + MI left
$463,608
First ends
Mar 2055
New loan

New conventional

$2,474/mo
+$340/mo
Down payment
$35,840
Funds due
$44,370
Interest + MI left
$457,829
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$256,160$256,160$313,160
Second mortgage—$57,000—
First P&I$1,724.11$1,724.11$2,121.45
Second P&I—$458.63—
Mortgage insurance$119.62$119.62$62.63
Taxes, insurance & HOA$289.58$289.58$289.58
Total housing payment$2,133.31$2,591.95$2,473.67

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,840
Closing costs & prepaids$11,948
Usable credit−$0
Total buyer cash needed$47,788
Earnest money paid−$0
Remaining funds due$47,788
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Prepaid interest, first (9 days)$437.72
Prepaid interest, second (9 days)$126.49

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 yr 3 moOf the original 30-year loan at 6.93%
Interest already paid$31,378Through Dec 2026
Assumption only · ends Mar 2055$355,499
Assumption + second · ends Mar 2055, second Jan 2057$463,608
New conventional · ends Jan 2057$457,829