Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,297/mo
Lowest payment
Down payment
$45,816
Funds due
$56,279
Interest + MI left
$355,487
First ends
Jun 2054
Assumption

Assumption + second

$2,603/mo
+$306/mo
Down payment
$15,816
Funds due
$27,617
Interest + MI left
$435,539
First ends
Jun 2054
New loan

New conventional

$2,449/mo
+$151/mo
Down payment
$15,816
Funds due
$24,399
Interest + MI left
$439,072
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$269,184$269,184$299,184
Second mortgage—$30,000—
First P&I$1,808.55$1,808.55$2,026.78
Second P&I—$305.70—
Mortgage insurance$126.89$126.89$59.84
Taxes, insurance & HOA$362.00$362.00$362.00
Total housing payment$2,297.44$2,603.14$2,448.61

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$15,816
Closing costs & prepaids$11,802
Usable credit−$0
Total buyer cash needed$27,617
Earnest money paid−$0
Remaining funds due$27,617
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$452.67
Prepaid interest, second (9 days)$87.84

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 6 moOf the original 30-year loan at 6.82%
Interest already paid$46,590Through Dec 2026
Assumption only · ends Jun 2054$355,487
Assumption + second · ends Jun 2054, second Jan 2057$435,539
New conventional · ends Jan 2057$439,072