Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,668/mo
Lowest payment
Down payment
$51,964
Funds due
$61,761
Interest + MI left
$126,566
First ends
Sep 2051
Assumption

Assumption + second

$2,045/mo
+$377/mo
Down payment
$14,964
Funds due
$26,023
Interest + MI left
$225,297
First ends
Sep 2051
New loan

New conventional

$2,289/mo
+$622/mo
Down payment
$14,964
Funds due
$22,846
Interest + MI left
$403,270
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$228,036$228,036$265,036
Second mortgage—$37,000—
First P&I$1,083.88$1,083.88$1,835.06
Second P&I—$377.03—
Mortgage insurance$182.57$182.57$53.01
Taxes, insurance & HOA$401.08$401.08$401.08
Total housing payment$1,667.53$2,044.56$2,289.15

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$14,964
Closing costs & prepaids$11,059
Usable credit−$0
Total buyer cash needed$26,023
Earnest money paid−$0
Remaining funds due$26,023
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$249.25
Initial HOA (3 months)$504.00
Prepaid interest, first (1 days)$18.62
Prepaid interest, second (1 days)$12.04

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 2.980%
Interest already paid$37,492Through Nov 2026
Assumption only · ends Sep 2051$126,566
Assumption + second · ends Sep 2051, second Dec 2056$225,297
New conventional · ends Dec 2056$403,270