Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,152/mo
Lowest payment
Down payment
$63,069
Funds due
$73,671
Interest + MI left
$336,846
First ends
Dec 2055
Assumption

Assumption + second

$2,393/mo
+$241/mo
Down payment
$33,069
Funds due
$44,988
Interest + MI left
$393,745
First ends
Dec 2055
New loan

New conventional

$2,426/mo
+$274/mo
Down payment
$33,069
Funds due
$41,650
Interest + MI left
$426,793
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$261,931$261,931$291,931
Second mortgage—$30,000—
First P&I$1,640.32$1,640.32$1,977.64
Second P&I—$241.39—
Mortgage insurance$121.46$121.46$58.39
Taxes, insurance & HOA$390.00$390.00$390.00
Total housing payment$2,151.78$2,393.17$2,426.03

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$33,069
Closing costs & prepaids$11,918
Usable credit−$0
Total buyer cash needed$44,988
Earnest money paid−$0
Remaining funds due$44,988
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$406.89
Prepaid interest, second (9 days)$66.58

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 closing29 yrOf the original 30-year loan at 6.3%
Interest already paid$16,608Through Dec 2026
Assumption only · ends Dec 2055$336,846
Assumption + second · ends Dec 2055, second Jan 2057$393,745
New conventional · ends Jan 2057$426,793