Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$399/mo
Lowest payment
Down payment
$231,909
Funds due
$241,109
Interest + MI left
$9,804
First ends
Aug 2051
Assumption

Assumption + second

$1,882/mo
+$1,483/mo
Down payment
$24,909
Funds due
$35,754
Interest + MI left
$336,674
First ends
Aug 2051
New loan

New conventional

$1,837/mo
+$1,438/mo
Down payment
$24,909
Funds due
$32,427
Interest + MI left
$314,413
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$8,091$8,091$215,091
Second mortgage—$207,000—
First P&I$57.94$57.94$1,457.10
Second P&I—$1,482.97—
Mortgage insurance$3.83$3.83$43.02
Taxes, insurance & HOA$337.00$337.00$337.00
Total housing payment$398.77$1,881.74$1,837.12

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$24,909
Closing costs & prepaids$10,846
Usable credit−$0
Total buyer cash needed$35,754
Earnest money paid−$0
Remaining funds due$35,754
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$14.15
Prepaid interest, second (9 days)$395.57

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 closing24 yr 8 moOf the original 27-year loan at 7.09%
Interest already paid$1,361Through Dec 2026
Assumption only · ends Aug 2051$9,804
Assumption + second · ends Aug 2051, second Jan 2057$336,674
New conventional · ends Jan 2057$314,413