Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,248/mo
Lowest payment
Down payment
$126,817
Funds due
$138,530
Interest + MI left
$182,508
First ends
Jan 2052
Assumption

Assumption + second

$2,908/mo
+$660/mo
Down payment
$44,817
Funds due
$57,800
Interest + MI left
$338,033
First ends
Jan 2052
New loan

New conventional

$3,319/mo
+$1,071/mo
Down payment
$44,817
Funds due
$54,334
Interest + MI left
$599,243
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$313,183$313,183$395,183
Second mortgage—$82,000—
First P&I$1,496.54$1,496.54$2,736.17
Second P&I—$659.79—
Mortgage insurance$247.93$247.93$79.04
Taxes, insurance & HOA$503.50$503.50$503.50
Total housing payment$2,247.98$2,907.77$3,318.70

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$44,817
Closing costs & prepaids$12,982
Usable credit−$0
Total buyer cash needed$57,800
Earnest money paid−$0
Remaining funds due$57,800
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$430.50
Initial HOA (3 months)$630.00
Prepaid interest, first (1 days)$26.68
Prepaid interest, second (1 days)$20.22

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 3.110%
Interest already paid$49,962Through Nov 2026
Assumption only · ends Jan 2052$182,508
Assumption + second · ends Jan 2052, second Dec 2056$338,033
New conventional · ends Dec 2056$599,243