Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,199/mo
Lowest payment
Down payment
$69,122
Funds due
$80,048
Interest + MI left
$179,452
First ends
Sep 2051
Assumption

Assumption + second

$2,432/mo
+$233/mo
Down payment
$40,122
Funds due
$52,306
Interest + MI left
$234,455
First ends
Sep 2051
New loan

New conventional

$2,938/mo
+$739/mo
Down payment
$40,122
Funds due
$48,894
Interest + MI left
$545,628
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$330,778$330,778$359,778
Second mortgage—$29,000—
First P&I$1,558.53$1,558.53$2,491.03
Second P&I—$233.34—
Mortgage insurance$265.23$265.23$71.96
Taxes, insurance & HOA$375.33$375.33$375.33
Total housing payment$2,199.09$2,432.43$2,938.32

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,122
Closing costs & prepaids$12,183
Usable credit−$0
Total buyer cash needed$52,306
Earnest money paid−$0
Remaining funds due$52,306
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)$505.00
Initial HOA (3 months)$171.00
Prepaid interest, first (1 days)$26.28
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 10 moOf the original 30-year loan at 2.900%
Interest already paid$52,967Through Nov 2026
Assumption only · ends Sep 2051$179,452
Assumption + second · ends Sep 2051, second Dec 2056$234,455
New conventional · ends Dec 2056$545,628