Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,155/mo
Lowest payment
Down payment
$69,244
Funds due
$79,979
Interest + MI left
$183,981
First ends
Aug 2051
Assumption

Assumption + second

$2,389/mo
+$233/mo
Down payment
$40,244
Funds due
$52,236
Interest + MI left
$238,984
First ends
Aug 2051
New loan

New conventional

$2,874/mo
+$718/mo
Down payment
$40,244
Funds due
$48,823
Interest + MI left
$545,443
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$330,656$330,656$359,656
Second mortgage—$29,000—
First P&I$1,578.65$1,578.65$2,490.19
Second P&I—$233.34—
Mortgage insurance$265.23$265.23$71.93
Taxes, insurance & HOA$311.42$311.42$311.42
Total housing payment$2,155.30$2,388.64$2,873.53

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,244
Closing costs & prepaids$11,993
Usable credit−$0
Total buyer cash needed$52,236
Earnest money paid−$0
Remaining funds due$52,236
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$259.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$27.18
Prepaid interest, second (1 days)$7.15

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 9 moOf the original 30-year loan at 3.000%
Interest already paid$55,671Through Nov 2026
Assumption only · ends Aug 2051$183,981
Assumption + second · ends Aug 2051, second Dec 2056$238,984
New conventional · ends Dec 2056$545,443