Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,857/mo
Lowest payment
Down payment
$95,357
Funds due
$105,888
Interest + MI left
$270,913
First ends
May 2056
Assumption

Assumption + second

$2,380/mo
+$523/mo
Down payment
$30,357
Funds due
$42,282
Interest + MI left
$394,195
First ends
May 2056
New loan

New conventional

$2,359/mo
+$502/mo
Down payment
$30,357
Funds due
$38,940
Interest + MI left
$394,261
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$204,642$204,642$269,642
Second mortgage—$65,000—
First P&I$1,284.50$1,284.50$1,826.65
Second P&I—$523.00—
Mortgage insurance$94.42$94.42$53.93
Taxes, insurance & HOA$478.00$478.00$478.00
Total housing payment$1,856.92$2,379.92$2,358.58

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$30,357
Closing costs & prepaids$11,925
Usable credit−$0
Total buyer cash needed$42,282
Earnest money paid−$0
Remaining funds due$42,282
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$360.00
Initial HOA (3 months)$624.00
Prepaid interest, first (9 days)$321.43
Prepaid interest, second (9 days)$144.25

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 closing29 yr 5 moOf the original 30-year loan at 6.37%
Interest already paid$7,633Through Dec 2026
Assumption only · ends May 2056$270,913
Assumption + second · ends May 2056, second Jan 2057$394,195
New conventional · ends Jan 2057$394,261