Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,758/mo
Lowest payment
Down payment
$414,671
Funds due
$428,193
Interest + MI left
$164,444
First ends
Jan 2052
Assumption

Assumption + second

$4,222/mo
+$2,464/mo
Down payment
$70,671
Funds due
$85,516
Interest + MI left
$707,649
First ends
Jan 2052
New loan

New conventional

$4,658/mo
+$2,900/mo
Down payment
$70,671
Funds due
$81,790
Interest + MI left
$954,420
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$285,329$285,329$629,329
Second mortgage—$344,000—
First P&I$1,357.47$1,357.47$4,357.35
Second P&I—$2,464.46—
Mortgage insurance$226.04$226.04$125.87
Taxes, insurance & HOA$174.33$174.33$174.33
Total housing payment$1,757.84$4,222.30$4,657.55

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$70,671
Closing costs & prepaids$14,845
Usable credit−$0
Total buyer cash needed$85,516
Earnest money paid−$0
Remaining funds due$85,516
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$23.00
Prepaid interest, first (1 days)$24.00
Prepaid interest, second (1 days)$73.04

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 closing25 yr 2 moOf the original 30-year loan at 3.070%
Interest already paid$44,950Through Nov 2026
Assumption only · ends Jan 2052$164,444
Assumption + second · ends Jan 2052, second Dec 2056$707,649
New conventional · ends Dec 2056$954,420