Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,563/mo
Lowest payment
Down payment
$92,660
Funds due
$102,750
Interest + MI left
$123,390
First ends
Dec 2051
Assumption

Assumption + second

$2,046/mo
+$483/mo
Down payment
$32,660
Funds due
$44,133
Interest + MI left
$237,188
First ends
Dec 2051
New loan

New conventional

$2,322/mo
+$759/mo
Down payment
$32,660
Funds due
$40,971
Interest + MI left
$420,081
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$227,340$227,340$287,340
Second mortgage—$60,000—
First P&I$1,063.94$1,063.94$1,946.54
Second P&I—$482.77—
Mortgage insurance$181.53$181.53$57.47
Taxes, insurance & HOA$318.00$318.00$318.00
Total housing payment$1,563.46$2,046.24$2,322.01

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,660
Closing costs & prepaids$11,474
Usable credit−$0
Total buyer cash needed$44,133
Earnest money paid−$0
Remaining funds due$44,133
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$161.44
Prepaid interest, second (9 days)$133.15

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 yrOf the original 30-year loan at 2.88%
Interest already paid$34,905Through Dec 2026
Assumption only · ends Dec 2051$123,390
Assumption + second · ends Dec 2051, second Jan 2057$237,188
New conventional · ends Jan 2057$420,081