Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,910/mo
Lowest payment
Down payment
$64,155
Funds due
$74,095
Interest + MI left
$270,983
First ends
Apr 2053
Assumption

Assumption + second

$2,183/mo
+$274/mo
Down payment
$30,155
Funds due
$41,421
Interest + MI left
$335,468
First ends
Apr 2053
New loan

New conventional

$2,145/mo
+$235/mo
Down payment
$30,155
Funds due
$38,103
Interest + MI left
$393,096
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$234,845$234,845$268,845
Second mortgage—$34,000—
First P&I$1,527.27$1,527.27$1,821.25
Second P&I—$273.57—
Mortgage insurance$112.85$112.85$53.77
Taxes, insurance & HOA$269.58$269.58$269.58
Total housing payment$1,909.71$2,183.28$2,144.60

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$30,155
Closing costs & prepaids$11,265
Usable credit−$0
Total buyer cash needed$41,421
Earnest money paid−$0
Remaining funds due$41,421
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Prepaid interest, first (9 days)$365.97
Prepaid interest, second (9 days)$75.45

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 closing26 yr 4 moOf the original 30-year loan at 6.32%
Interest already paid$55,820Through Dec 2026
Assumption only · ends Apr 2053$270,983
Assumption + second · ends Apr 2053, second Jan 2057$335,468
New conventional · ends Jan 2057$393,096