Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,772/mo
Lowest payment
Down payment
$167,903
Funds due
$179,081
Interest + MI left
$142,845
First ends
May 2051
Assumption

Assumption + second

$2,689/mo
+$917/mo
Down payment
$42,903
Funds due
$55,577
Interest + MI left
$348,039
First ends
May 2051
New loan

New conventional

$2,985/mo
+$1,213/mo
Down payment
$42,903
Funds due
$52,335
Interest + MI left
$558,689
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$257,097$257,097$382,097
Second mortgage—$125,000—
First P&I$1,244.10$1,244.10$2,588.46
Second P&I—$917.21—
Mortgage insurance$207.96$207.96$76.42
Taxes, insurance & HOA$320.00$320.00$320.00
Total housing payment$1,772.06$2,689.27$2,984.88

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,903
Closing costs & prepaids$12,674
Usable credit−$0
Total buyer cash needed$55,577
Earnest money paid−$0
Remaining funds due$55,577
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)$510.00
Prepaid interest, first (9 days)$192.72
Prepaid interest, second (9 days)$246.58

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 5 moOf the original 30-year loan at 3.04%
Interest already paid$46,868Through Dec 2026
Assumption only · ends May 2051$142,845
Assumption + second · ends May 2051, second Jan 2057$348,039
New conventional · ends Jan 2057$558,689