Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,456/mo
Lowest payment
Down payment
$95,010
Funds due
$104,859
Interest + MI left
$115,630
First ends
Oct 2051
Assumption

Assumption + second

$1,971/mo
+$515/mo
Down payment
$31,010
Funds due
$42,251
Interest + MI left
$237,015
First ends
Oct 2051
New loan

New conventional

$2,220/mo
+$764/mo
Down payment
$31,010
Funds due
$39,091
Interest + MI left
$407,930
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$214,990$214,990$278,990
Second mortgage—$64,000—
First P&I$1,009.65$1,009.65$1,889.98
Second P&I—$514.96—
Mortgage insurance$172.48$172.48$55.80
Taxes, insurance & HOA$274.00$274.00$274.00
Total housing payment$1,456.13$1,971.09$2,219.77

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$31,010
Closing costs & prepaids$11,241
Usable credit−$0
Total buyer cash needed$42,251
Earnest money paid−$0
Remaining funds due$42,251
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$152.14
Prepaid interest, second (9 days)$142.03

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 closing24 yr 10 moOf the original 30-year loan at 2.87%
Interest already paid$34,080Through Dec 2026
Assumption only · ends Oct 2051$115,630
Assumption + second · ends Oct 2051, second Jan 2057$237,015
New conventional · ends Jan 2057$407,930