Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,644/mo
Lowest payment
Down payment
$143,813
Funds due
$153,953
Interest + MI left
$259,028
First ends
Jan 2054
Assumption

Assumption + second

$2,458/mo
+$814/mo
Down payment
$32,813
Funds due
$44,422
Interest + MI left
$441,240
First ends
Jan 2054
New loan

New conventional

$2,281/mo
+$637/mo
Down payment
$32,813
Funds due
$41,002
Interest + MI left
$419,857
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$176,187$176,187$287,187
Second mortgage—$111,000—
First P&I$1,282.73$1,282.73$1,945.50
Second P&I—$814.48—
Mortgage insurance$83.10$83.10$57.44
Taxes, insurance & HOA$278.00$278.00$278.00
Total housing payment$1,643.84$2,458.32$2,280.94

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,813
Closing costs & prepaids$11,609
Usable credit−$0
Total buyer cash needed$44,422
Earnest money paid−$0
Remaining funds due$44,422
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Prepaid interest, first (9 days)$331.04
Prepaid interest, second (9 days)$218.96

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 closing27 yr 1 moOf the original 30-year loan at 7.62%
Interest already paid$39,765Through Dec 2026
Assumption only · ends Jan 2054$259,028
Assumption + second · ends Jan 2054, second Jan 2057$441,240
New conventional · ends Jan 2057$419,857