Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,765/mo
Lowest payment
Down payment
$41,252
Funds due
$51,151
Interest + MI left
$154,830
First ends
Feb 2052
Assumption

Assumption + second

$2,020/mo
+$255/mo
Down payment
$16,252
Funds due
$27,474
Interest + MI left
$221,540
First ends
Feb 2052
New loan

New conventional

$2,322/mo
+$557/mo
Down payment
$16,252
Funds due
$24,505
Interest + MI left
$430,889
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$268,648$268,648$293,648
Second mortgage—$25,000—
First P&I$1,278.11$1,278.11$1,989.27
Second P&I—$254.75—
Mortgage insurance$212.82$212.82$58.73
Taxes, insurance & HOA$274.00$274.00$274.00
Total housing payment$1,764.93$2,019.68$2,322.00

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$16,252
Closing costs & prepaids$11,223
Usable credit−$0
Total buyer cash needed$27,474
Earnest money paid−$0
Remaining funds due$27,474
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$372.00
Prepaid interest, first (9 days)$203.36
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 2 moOf the original 30-year loan at 3.07%
Interest already paid$42,322Through Dec 2026
Assumption only · ends Feb 2052$154,830
Assumption + second · ends Feb 2052, second Jan 2057$221,540
New conventional · ends Jan 2057$430,889