Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,417/mo
Lowest payment
Down payment
$245,158
Funds due
$255,796
Interest + MI left
$245,973
First ends
Jul 2056
Assumption

Assumption + second

$2,865/mo
+$1,447/mo
Down payment
$43,158
Funds due
$55,089
Interest + MI left
$564,948
First ends
Jul 2056
New loan

New conventional

$2,914/mo
+$1,497/mo
Down payment
$43,158
Funds due
$51,610
Interest + MI left
$579,013
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$179,842$179,842$381,842
Second mortgage—$202,000—
First P&I$1,140.88$1,140.88$2,643.80
Second P&I—$1,447.15—
Mortgage insurance$82.73$82.73$76.37
Taxes, insurance & HOA$193.75$193.75$193.75
Total housing payment$1,417.36$2,864.51$2,913.92

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,158
Closing costs & prepaids$11,931
Usable credit−$0
Total buyer cash needed$55,089
Earnest money paid−$0
Remaining funds due$55,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$131.25
Prepaid interest, first (1 days)$32.03
Prepaid interest, second (1 days)$42.89

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 closing29 yr 8 moOf the original 30-year loan at 6.500%
Interest already paid$3,906Through Nov 2026
Assumption only · ends Jul 2056$245,973
Assumption + second · ends Jul 2056, second Dec 2056$564,948
New conventional · ends Dec 2056$579,013