Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,860/mo
Lowest payment
Down payment
$55,322
Funds due
$65,288
Interest + MI left
$162,067
First ends
Aug 2051
Assumption

Assumption + second

$2,237/mo
+$377/mo
Down payment
$18,322
Funds due
$29,550
Interest + MI left
$260,798
First ends
Aug 2051
New loan

New conventional

$2,585/mo
+$725/mo
Down payment
$18,322
Funds due
$26,348
Interest + MI left
$504,585
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$294,578$294,578$331,578
Second mortgage—$37,000—
First P&I$1,400.30$1,400.30$2,295.78
Second P&I—$377.03—
Mortgage insurance$236.47$236.47$66.32
Taxes, insurance & HOA$222.75$222.75$222.75
Total housing payment$1,859.52$2,236.55$2,584.84

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$18,322
Closing costs & prepaids$11,228
Usable credit−$0
Total buyer cash needed$29,550
Earnest money paid−$0
Remaining funds due$29,550
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$218.25
Prepaid interest, first (1 days)$23.89
Prepaid interest, second (1 days)$12.04

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 closing24 yr 9 moOf the original 30-year loan at 2.960%
Interest already paid$48,955Through Nov 2026
Assumption only · ends Aug 2051$162,067
Assumption + second · ends Aug 2051, second Dec 2056$260,798
New conventional · ends Dec 2056$504,585