Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,409/mo
Lowest payment
Down payment
$105,549
Funds due
$115,168
Interest + MI left
$128,680
First ends
Mar 2052
Assumption

Assumption + second

$1,996/mo
+$587/mo
Down payment
$32,549
Funds due
$43,436
Interest + MI left
$267,135
First ends
Mar 2052
New loan

New conventional

$2,275/mo
+$866/mo
Down payment
$32,549
Funds due
$40,083
Interest + MI left
$443,522
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$219,451$219,451$292,451
Second mortgage—$73,000—
First P&I$1,044.10$1,044.10$2,024.87
Second P&I—$587.37—
Mortgage insurance$172.98$172.98$58.49
Taxes, insurance & HOA$191.75$191.75$191.75
Total housing payment$1,408.83$1,996.20$2,275.11

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,549
Closing costs & prepaids$10,887
Usable credit−$0
Total buyer cash needed$43,436
Earnest money paid−$0
Remaining funds due$43,436
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$125.25
Prepaid interest, first (1 days)$18.70
Prepaid interest, second (1 days)$18.00

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 4 moOf the original 30-year loan at 3.110%
Interest already paid$33,721Through Nov 2026
Assumption only · ends Mar 2052$128,680
Assumption + second · ends Mar 2052, second Dec 2056$267,135
New conventional · ends Dec 2056$443,522