Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$431/mo
Lowest payment
Down payment
$331,620
Funds due
$341,850
Interest + MI left
$6,926
First ends
Oct 2044
Assumption

Assumption + second

$2,558/mo
+$2,128/mo
Down payment
$34,620
Funds due
$46,668
Interest + MI left
$475,914
First ends
Oct 2044
New loan

New conventional

$2,495/mo
+$2,065/mo
Down payment
$34,620
Funds due
$43,240
Interest + MI left
$453,827
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$13,380$13,380$310,380
Second mortgage—$297,000—
First P&I$87.69$87.69$2,102.62
Second P&I—$2,127.74—
Mortgage insurance$12.27$12.27$62.08
Taxes, insurance & HOA$330.67$330.67$330.67
Total housing payment$430.63$2,558.37$2,495.37

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,620
Closing costs & prepaids$12,048
Usable credit−$0
Total buyer cash needed$46,668
Earnest money paid−$0
Remaining funds due$46,668
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$128.01
Prepaid interest, first (9 days)$13.26
Prepaid interest, second (9 days)$567.55

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 closing17 yr 10 moOf the original 27-year loan at 4.02%
Interest already paid$5,707Through Dec 2026
Assumption only · ends Oct 2044$6,926
Assumption + second · ends Oct 2044, second Jan 2057$475,914
New conventional · ends Jan 2057$453,827