Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$395/mo
Lowest payment
Down payment
$334,824
Funds due
$344,943
Interest + MI left
$25,536
First ends
Jun 2056
Assumption

Assumption + second

$2,537/mo
+$2,142/mo
Down payment
$35,824
Funds due
$47,256
Interest + MI left
$497,683
First ends
Jun 2056
New loan

New conventional

$2,537/mo
+$2,141/mo
Down payment
$35,824
Funds due
$43,845
Interest + MI left
$483,900
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$20,076$20,076$319,076
Second mortgage—$299,000—
First P&I$122.39$122.39$2,209.22
Second P&I—$2,142.07—
Mortgage insurance$9.25$9.25$63.82
Taxes, insurance & HOA$263.67$263.67$263.67
Total housing payment$395.30$2,537.38$2,536.70

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,824
Closing costs & prepaids$11,432
Usable credit−$0
Total buyer cash needed$47,256
Earnest money paid−$0
Remaining funds due$47,256
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,549.00
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)$341.00
Prepaid interest, first (1 days)$3.36
Prepaid interest, second (1 days)$63.49

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 7 moOf the original 30-year loan at 6.110%
Interest already paid$513Through Nov 2026
Assumption only · ends Jun 2056$25,536
Assumption + second · ends Jun 2056, second Dec 2056$497,683
New conventional · ends Dec 2056$483,900