Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,602/mo
Lowest payment
Down payment
$88,005
Funds due
$98,774
Interest + MI left
$114,177
First ends
Jan 2051
Assumption

Assumption + second

$2,061/mo
+$459/mo
Down payment
$31,005
Funds due
$43,038
Interest + MI left
$222,285
First ends
Jan 2051
New loan

New conventional

$2,338/mo
+$735/mo
Down payment
$31,005
Funds due
$39,703
Interest + MI left
$415,477
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$216,995$216,995$273,995
Second mortgage—$57,000—
First P&I$1,039.48$1,039.48$1,897.09
Second P&I—$458.63—
Mortgage insurance$177.35$177.35$54.80
Taxes, insurance & HOA$385.62$385.62$385.62
Total housing payment$1,602.46$2,061.09$2,337.51

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$31,005
Closing costs & prepaids$12,034
Usable credit−$0
Total buyer cash needed$43,038
Earnest money paid−$0
Remaining funds due$43,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,570.52
Insurance escrow (3 months)$642.63
Property tax escrow (3 months)$255.25
Initial HOA (3 months)$258.99
Prepaid interest, first (1 days)$17.12
Prepaid interest, second (1 days)$14.05

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 2 moOf the original 30-year loan at 2.880%
Interest already paid$39,378Through Nov 2026
Assumption only · ends Jan 2051$114,177
Assumption + second · ends Jan 2051, second Dec 2056$222,285
New conventional · ends Dec 2056$415,477