Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,955/mo
Lowest payment
Down payment
$115,484
Funds due
$126,399
Interest + MI left
$158,894
First ends
Oct 2051
Assumption

Assumption + second

$2,550/mo
+$595/mo
Down payment
$41,484
Funds due
$53,667
Interest + MI left
$299,246
First ends
Oct 2051
New loan

New conventional

$2,964/mo
+$1,010/mo
Down payment
$41,484
Funds due
$50,236
Interest + MI left
$558,806
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$294,516$294,516$368,516
Second mortgage—$74,000—
First P&I$1,379.95$1,379.95$2,551.53
Second P&I—$595.42—
Mortgage insurance$235.75$235.75$73.70
Taxes, insurance & HOA$338.92$338.92$338.92
Total housing payment$1,954.61$2,550.03$2,964.15

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$41,484
Closing costs & prepaids$12,183
Usable credit−$0
Total buyer cash needed$53,667
Earnest money paid−$0
Remaining funds due$53,667
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$356.75
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$23.16
Prepaid interest, second (1 days)$18.25

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 11 moOf the original 30-year loan at 2.870%
Interest already paid$45,875Through Nov 2026
Assumption only · ends Oct 2051$158,894
Assumption + second · ends Oct 2051, second Dec 2056$299,246
New conventional · ends Dec 2056$558,806