Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,758/mo
Lowest payment
Down payment
$254,118
Funds due
$265,959
Interest + MI left
$141,822
First ends
Jul 2048
Assumption

Assumption + second

$3,248/mo
+$1,490/mo
Down payment
$46,118
Funds due
$59,607
Interest + MI left
$470,271
First ends
Jul 2048
New loan

New conventional

$3,230/mo
+$1,472/mo
Down payment
$46,118
Funds due
$56,204
Interest + MI left
$603,702
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$204,882$204,882$412,882
Second mortgage—$208,000—
First P&I$1,234.44$1,234.44$2,797.01
Second P&I—$1,490.14—
Mortgage insurance$173.18$173.18$82.58
Taxes, insurance & HOA$350.25$350.25$350.25
Total housing payment$1,757.87$3,248.00$3,229.83

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$46,118
Closing costs & prepaids$13,489
Usable credit−$0
Total buyer cash needed$59,607
Earnest money paid−$0
Remaining funds due$59,607
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$550.75
Prepaid interest, first (9 days)$225.82
Prepaid interest, second (9 days)$397.48

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 closing21 yr 7 moOf the original 30-year loan at 4.47%
Interest already paid$85,071Through Dec 2026
Assumption only · ends Jul 2048$141,822
Assumption + second · ends Jul 2048, second Jan 2057$470,271
New conventional · ends Jan 2057$603,702