Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,544/mo
Lowest payment
Down payment
$245,325
Funds due
$256,598
Interest + MI left
$244,934
First ends
Jul 2056
Assumption

Assumption + second

$2,991/mo
+$1,447/mo
Down payment
$43,325
Funds due
$56,234
Interest + MI left
$563,909
First ends
Jul 2056
New loan

New conventional

$2,982/mo
+$1,438/mo
Down payment
$43,325
Funds due
$52,752
Interest + MI left
$557,996
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$179,675$179,675$381,675
Second mortgage—$202,000—
First P&I$1,140.88$1,140.88$2,585.60
Second P&I—$1,447.15—
Mortgage insurance$82.73$82.73$76.34
Taxes, insurance & HOA$320.00$320.00$320.00
Total housing payment$1,543.61$2,990.76$2,981.93

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,325
Closing costs & prepaids$12,909
Usable credit−$0
Total buyer cash needed$56,234
Earnest money paid−$0
Remaining funds due$56,234
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$287.97
Prepaid interest, second (9 days)$386.01

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 7 moOf the original 30-year loan at 6.5%
Interest already paid$4,880Through Dec 2026
Assumption only · ends Jul 2056$244,934
Assumption + second · ends Jul 2056, second Jan 2057$563,909
New conventional · ends Jan 2057$557,996