Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,510/mo
Lowest payment
Down payment
$45,720
Funds due
$57,112
Interest + MI left
$246,527
First ends
May 2052
Assumption

Assumption + second

$2,765/mo
+$255/mo
Down payment
$20,720
Funds due
$33,435
Interest + MI left
$313,237
First ends
May 2052
New loan

New conventional

$3,074/mo
+$564/mo
Down payment
$20,720
Funds due
$30,447
Interest + MI left
$556,322
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$354,130$354,130$379,130
Second mortgage—$25,000—
First P&I$1,804.62$1,804.62$2,568.36
Second P&I—$254.75—
Mortgage insurance$275.68$275.68$75.83
Taxes, insurance & HOA$429.92$429.92$429.92
Total housing payment$2,510.22$2,764.97$3,074.10

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$20,720
Closing costs & prepaids$12,715
Usable credit−$0
Total buyer cash needed$33,435
Earnest money paid−$0
Remaining funds due$33,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,998.50
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)$479.75
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$328.32
Prepaid interest, second (9 days)$73.20

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 closing25 yr 5 moOf the original 30-year loan at 3.76%
Interest already paid$64,191Through Dec 2026
Assumption only · ends May 2052$246,527
Assumption + second · ends May 2052, second Jan 2057$313,237
New conventional · ends Jan 2057$556,322