Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,112/mo
Lowest payment
Down payment
$20,531
Funds due
$29,055
Interest + MI left
$73,668
First ends
Oct 2051
New loan

New conventional

$1,348/mo
+$235/mo
Down payment
$15,750
Funds due
$22,470
Interest + MI left
$207,262
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$136,969$141,750
Second mortgage——
First P&I$643.24$960.26
Second P&I——
Mortgage insurance$109.89$28.35
Taxes, insurance & HOA$359.00$359.00
Total housing payment$1,112.13$1,347.61

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$20,531
Closing costs & prepaids$8,524
Usable credit−$0
Total buyer cash needed$29,055
Earnest money paid−$0
Remaining funds due$29,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,575.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$189.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$96.93

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 closing24 yr 10 moOf the original 30-year loan at 2.87%
Interest already paid$21,712Through Dec 2026
Assumption only · ends Oct 2051$73,668
New conventional · ends Jan 2057$207,262