Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,238/mo
Lowest payment
Down payment
$91,892
Funds due
$102,838
Interest + MI left
$279,851
First ends
Nov 2052
Assumption

Assumption + second

$2,673/mo
+$434/mo
Down payment
$37,892
Funds due
$50,208
Interest + MI left
$382,270
First ends
Nov 2052
New loan

New conventional

$2,680/mo
+$441/mo
Down payment
$37,892
Funds due
$46,876
Interest + MI left
$484,068
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$277,108$277,108$331,108
Second mortgage—$54,000—
First P&I$1,658.78$1,658.78$2,243.04
Second P&I—$434.50—
Mortgage insurance$209.01$209.01$66.22
Taxes, insurance & HOA$370.58$370.58$370.58
Total housing payment$2,238.37$2,672.87$2,679.85

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$37,892
Closing costs & prepaids$12,316
Usable credit−$0
Total buyer cash needed$50,208
Earnest money paid−$0
Remaining funds due$50,208
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$442.75
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$369.65
Prepaid interest, second (9 days)$119.84

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 11 moOf the original 30-year loan at 5.41%
Interest already paid$63,313Through Dec 2026
Assumption only · ends Nov 2052$279,851
Assumption + second · ends Nov 2052, second Jan 2057$382,270
New conventional · ends Jan 2057$484,068