Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,267/mo
Lowest payment
Down payment
$43,595
Funds due
$53,827
Interest + MI left
$279,952
First ends
Nov 2052
Assumption

Assumption + second

$2,543/mo
+$275/mo
Down payment
$16,595
Funds due
$28,086
Interest + MI left
$351,999
First ends
Nov 2052
New loan

New conventional

$2,605/mo
+$337/mo
Down payment
$16,595
Funds due
$24,883
Interest + MI left
$476,992
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$286,405$286,405$313,405
Second mortgage—$27,000—
First P&I$1,679.37$1,679.37$2,169.95
Second P&I—$275.13—
Mortgage insurance$216.15$216.15$62.68
Taxes, insurance & HOA$371.91$371.91$371.91
Total housing payment$2,267.43$2,542.56$2,604.55

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$16,595
Closing costs & prepaids$11,490
Usable credit−$0
Total buyer cash needed$28,086
Earnest money paid−$0
Remaining funds due$28,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$370.75
Initial HOA (3 months)$294.99
Prepaid interest, first (1 days)$40.96
Prepaid interest, second (1 days)$8.78

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$61,867Through Nov 2026
Assumption only · ends Nov 2052$279,952
Assumption + second · ends Nov 2052, second Dec 2056$351,999
New conventional · ends Dec 2056$476,992