Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,163/mo
Lowest payment
Down payment
$59,365
Funds due
$70,219
Interest + MI left
$172,404
First ends
Dec 2051
Assumption

Assumption + second

$2,571/mo
+$408/mo
Down payment
$19,365
Funds due
$31,482
Interest + MI left
$279,140
First ends
Dec 2051
New loan

New conventional

$2,979/mo
+$816/mo
Down payment
$19,365
Funds due
$28,274
Interest + MI left
$545,607
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$318,535$318,535$358,535
Second mortgage—$40,000—
First P&I$1,484.05$1,484.05$2,482.42
Second P&I—$407.60—
Mortgage insurance$253.86$253.86$71.71
Taxes, insurance & HOA$425.17$425.17$425.17
Total housing payment$2,163.08$2,570.68$2,979.30

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$19,365
Closing costs & prepaids$12,117
Usable credit−$0
Total buyer cash needed$31,482
Earnest money paid−$0
Remaining funds due$31,482
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,779.00
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)$480.50
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$24.96
Prepaid interest, second (1 days)$13.01

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 2.860%
Interest already paid$47,706Through Nov 2026
Assumption only · ends Dec 2051$172,404
Assumption + second · ends Dec 2051, second Dec 2056$279,140
New conventional · ends Dec 2056$545,607