Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,790/mo
Lowest payment
Down payment
$138,655
Funds due
$149,496
Interest + MI left
$131,872
First ends
Jan 2051
Assumption

Assumption + second

$2,587/mo
+$797/mo
Down payment
$39,655
Funds due
$51,770
Interest + MI left
$319,640
First ends
Jan 2051
New loan

New conventional

$2,878/mo
+$1,088/mo
Down payment
$39,655
Funds due
$48,350
Interest + MI left
$531,252
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$251,345$251,345$350,345
Second mortgage—$99,000—
First P&I$1,202.74$1,202.74$2,425.72
Second P&I—$796.58—
Mortgage insurance$205.47$205.47$70.07
Taxes, insurance & HOA$381.92$381.92$381.92
Total housing payment$1,790.13$2,586.70$2,877.70

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,655
Closing costs & prepaids$12,115
Usable credit−$0
Total buyer cash needed$51,770
Earnest money paid−$0
Remaining funds due$51,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$335.75
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$19.76
Prepaid interest, second (1 days)$24.41

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 2.870%
Interest already paid$45,458Through Nov 2026
Assumption only · ends Jan 2051$131,872
Assumption + second · ends Jan 2051, second Dec 2056$319,640
New conventional · ends Dec 2056$531,252