Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,523/mo
Lowest payment
Down payment
$107,143
Funds due
$117,117
Interest + MI left
$124,044
First ends
Dec 2051
Assumption

Assumption + second

$2,110/mo
+$587/mo
Down payment
$34,143
Funds due
$45,385
Interest + MI left
$262,499
First ends
Dec 2051
New loan

New conventional

$2,420/mo
+$898/mo
Down payment
$34,143
Funds due
$42,019
Interest + MI left
$456,210
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$227,857$227,857$300,857
Second mortgage—$73,000—
First P&I$1,063.94$1,063.94$2,083.07
Second P&I—$587.37—
Mortgage insurance$181.53$181.53$60.17
Taxes, insurance & HOA$277.17$277.17$277.17
Total housing payment$1,522.63$2,110.01$2,420.41

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,143
Closing costs & prepaids$11,242
Usable credit−$0
Total buyer cash needed$45,385
Earnest money paid−$0
Remaining funds due$45,385
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$261.50
Initial HOA (3 months)$120.00
Prepaid interest, first (1 days)$17.98
Prepaid interest, second (1 days)$18.00

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 1 moOf the original 30-year loan at 2.880%
Interest already paid$34,358Through Nov 2026
Assumption only · ends Dec 2051$124,044
Assumption + second · ends Dec 2051, second Dec 2056$262,499
New conventional · ends Dec 2056$456,210