Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,383/mo
Lowest payment
Down payment
$306,704
Funds due
$317,894
Interest + MI left
$41,016
First ends
Jan 2039
Assumption

Assumption + second

$3,296/mo
+$1,913/mo
Down payment
$39,704
Funds due
$52,654
Interest + MI left
$462,631
First ends
Jan 2039
New loan

New conventional

$2,927/mo
+$1,544/mo
Down payment
$39,704
Funds due
$49,208
Interest + MI left
$519,502
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$88,296$88,296$355,296
Second mortgage—$267,000—
First P&I$829.48$829.48$2,406.90
Second P&I—$1,912.82—
Mortgage insurance$104.87$104.87$71.06
Taxes, insurance & HOA$449.00$449.00$449.00
Total housing payment$1,383.34$3,296.16$2,926.96

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,704
Closing costs & prepaids$12,949
Usable credit−$0
Total buyer cash needed$52,654
Earnest money paid−$0
Remaining funds due$52,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$423.00
Prepaid interest, first (9 days)$117.13
Prepaid interest, second (9 days)$510.23

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 closing12 yr 1 moOf the original 30-year loan at 5.38%
Interest already paid$118,587Through Dec 2026
Assumption only · ends Jan 2039$41,016
Assumption + second · ends Jan 2039, second Jan 2057$462,631
New conventional · ends Jan 2057$519,502