Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,754/mo
Lowest payment
Down payment
$66,431
Funds due
$76,145
Interest + MI left
$224,502
First ends
Oct 2052
Assumption

Assumption + second

$2,051/mo
+$298/mo
Down payment
$29,431
Funds due
$40,477
Interest + MI left
$294,678
First ends
Oct 2052
New loan

New conventional

$2,046/mo
+$293/mo
Down payment
$29,431
Funds due
$37,206
Interest + MI left
$373,582
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$218,569$218,569$255,569
Second mortgage—$37,000—
First P&I$1,324.76$1,324.76$1,731.31
Second P&I—$297.71—
Mortgage insurance$164.90$164.90$51.11
Taxes, insurance & HOA$264.00$264.00$264.00
Total housing payment$1,753.66$2,051.37$2,046.43

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$29,431
Closing costs & prepaids$11,047
Usable credit−$0
Total buyer cash needed$40,477
Earnest money paid−$0
Remaining funds due$40,477
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (9 days)$297.49
Prepaid interest, second (9 days)$82.11

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 10 moOf the original 30-year loan at 5.52%
Interest already paid$52,003Through Dec 2026
Assumption only · ends Oct 2052$224,502
Assumption + second · ends Oct 2052, second Jan 2057$294,678
New conventional · ends Jan 2057$373,582