Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$906/mo
Lowest payment
Down payment
$323,076
Funds due
$333,777
Interest + MI left
$60,057
First ends
Sep 2047
Assumption

Assumption + second

$2,912/mo
+$2,006/mo
Down payment
$43,076
Funds due
$55,086
Interest + MI left
$502,201
First ends
Sep 2047
New loan

New conventional

$2,942/mo
+$2,036/mo
Down payment
$43,076
Funds due
$51,612
Interest + MI left
$579,137
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$101,924$101,924$381,924
Second mortgage—$280,000—
First P&I$595.06$595.06$2,644.36
Second P&I—$2,005.95—
Mortgage insurance$89.58$89.58$76.38
Taxes, insurance & HOA$221.58$221.58$221.58
Total housing payment$906.22$2,912.17$2,942.33

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,076
Closing costs & prepaids$12,010
Usable credit−$0
Total buyer cash needed$55,086
Earnest money paid−$0
Remaining funds due$55,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$214.75
Prepaid interest, first (1 days)$10.83
Prepaid interest, second (1 days)$59.45

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 closing20 yr 10 moOf the original 30-year loan at 3.880%
Interest already paid$40,913Through Nov 2026
Assumption only · ends Sep 2047$60,057
Assumption + second · ends Sep 2047, second Dec 2056$502,201
New conventional · ends Dec 2056$579,137