Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,651/mo
Lowest payment
Down payment
$77,392
Funds due
$86,970
Interest + MI left
$261,316
First ends
Sep 2054
Assumption

Assumption + second

$2,053/mo
+$402/mo
Down payment
$27,392
Funds due
$38,331
Interest + MI left
$356,148
First ends
Sep 2054
New loan

New conventional

$1,950/mo
+$299/mo
Down payment
$27,392
Funds due
$34,997
Interest + MI left
$354,733
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$192,608$192,608$242,608
Second mortgage—$50,000—
First P&I$1,302.69$1,302.69$1,643.51
Second P&I—$402.31—
Mortgage insurance$90.47$90.47$48.52
Taxes, insurance & HOA$258.00$258.00$258.00
Total housing payment$1,651.16$2,053.47$1,950.03

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$27,392
Closing costs & prepaids$10,939
Usable credit−$0
Total buyer cash needed$38,331
Earnest money paid−$0
Remaining funds due$38,331
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Prepaid interest, first (9 days)$328.65
Prepaid interest, second (9 days)$110.96

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing27 yr 9 moOf the original 30-year loan at 6.92%
Interest already paid$30,385Through Dec 2026
Assumption only · ends Sep 2054$261,316
Assumption + second · ends Sep 2054, second Jan 2057$356,148
New conventional · ends Jan 2057$354,733