Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,387/mo
Lowest payment
Down payment
$86,543
Funds due
$97,982
Interest + MI left
$217,047
First ends
Apr 2052
Assumption

Assumption + second

$2,749/mo
+$362/mo
Down payment
$41,543
Funds due
$54,243
Interest + MI left
$302,396
First ends
Apr 2052
New loan

New conventional

$3,155/mo
+$768/mo
Down payment
$41,543
Funds due
$50,811
Interest + MI left
$566,373
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$328,457$328,457$373,457
Second mortgage—$45,000—
First P&I$1,636.33$1,636.33$2,585.74
Second P&I—$362.08—
Mortgage insurance$256.52$256.52$74.69
Taxes, insurance & HOA$494.08$494.08$494.08
Total housing payment$2,386.94$2,749.02$3,154.52

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$41,543
Closing costs & prepaids$12,700
Usable credit−$0
Total buyer cash needed$54,243
Earnest money paid−$0
Remaining funds due$54,243
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$582.25
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$31.95
Prepaid interest, second (1 days)$11.10

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 5 moOf the original 30-year loan at 3.550%
Interest already paid$56,308Through Nov 2026
Assumption only · ends Apr 2052$217,047
Assumption + second · ends Apr 2052, second Dec 2056$302,396
New conventional · ends Dec 2056$566,373