Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,929/mo
Lowest payment
Down payment
$79,176
Funds due
$89,775
Interest + MI left
$271,016
First ends
Feb 2056
Assumption

Assumption + second

$2,291/mo
+$362/mo
Down payment
$34,176
Funds due
$46,125
Interest + MI left
$356,365
First ends
Feb 2056
New loan

New conventional

$2,479/mo
+$550/mo
Down payment
$34,176
Funds due
$42,835
Interest + MI left
$439,794
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$255,824$255,824$300,824
Second mortgage—$45,000—
First P&I$1,429.39$1,429.39$2,037.89
Second P&I—$362.08—
Mortgage insurance$118.64$118.64$60.16
Taxes, insurance & HOA$381.00$381.00$381.00
Total housing payment$1,929.03$2,291.11$2,479.05

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,176
Closing costs & prepaids$11,949
Usable credit−$0
Total buyer cash needed$46,125
Earnest money paid−$0
Remaining funds due$46,125
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$331.17
Prepaid interest, second (9 days)$99.86

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 2 moOf the original 30-year loan at 5.25%
Interest already paid$11,266Through Dec 2026
Assumption only · ends Feb 2056$271,016
Assumption + second · ends Feb 2056, second Jan 2057$356,365
New conventional · ends Jan 2057$439,794