Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,416/mo
Lowest payment
Down payment
$61,173
Funds due
$70,380
Interest + MI left
$126,505
First ends
Feb 2052
Assumption

Assumption + second

$1,682/mo
+$266/mo
Down payment
$28,173
Funds due
$38,638
Interest + MI left
$189,094
First ends
Feb 2052
New loan

New conventional

$1,998/mo
+$582/mo
Down payment
$28,173
Funds due
$35,331
Interest + MI left
$381,911
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$218,826$218,826$251,826
Second mortgage—$33,000—
First P&I$1,038.80$1,038.80$1,743.59
Second P&I—$265.53—
Mortgage insurance$172.98$172.98$50.37
Taxes, insurance & HOA$204.50$204.50$204.50
Total housing payment$1,416.27$1,681.80$1,998.46

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,173
Closing costs & prepaids$10,465
Usable credit−$0
Total buyer cash needed$38,638
Earnest money paid−$0
Remaining funds due$38,638
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.99
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)$163.50
Prepaid interest, first (1 days)$18.41
Prepaid interest, second (1 days)$8.14

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 3 moOf the original 30-year loan at 3.070%
Interest already paid$33,838Through Nov 2026
Assumption only · ends Feb 2052$126,505
Assumption + second · ends Feb 2052, second Dec 2056$189,094
New conventional · ends Dec 2056$381,911