Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,781/mo
Lowest payment
Down payment
$76,349
Funds due
$86,858
Interest + MI left
$128,755
First ends
Nov 2051
Assumption

Assumption + second

$2,135/mo
+$354/mo
Down payment
$32,349
Funds due
$44,206
Interest + MI left
$212,207
First ends
Nov 2051
New loan

New conventional

$2,443/mo
+$662/mo
Down payment
$32,349
Funds due
$41,067
Interest + MI left
$413,226
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$238,651$238,651$282,651
Second mortgage—$44,000—
First P&I$1,118.19$1,118.19$1,914.78
Second P&I—$354.03—
Mortgage insurance$191.03$191.03$56.53
Taxes, insurance & HOA$472.00$472.00$472.00
Total housing payment$1,781.22$2,135.26$2,443.31

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,349
Closing costs & prepaids$11,858
Usable credit−$0
Total buyer cash needed$44,206
Earnest money paid−$0
Remaining funds due$44,206
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$588.00
Prepaid interest, first (9 days)$168.89
Prepaid interest, second (9 days)$97.64

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 11 moOf the original 30-year loan at 2.87%
Interest already paid$37,173Through Dec 2026
Assumption only · ends Nov 2051$128,755
Assumption + second · ends Nov 2051, second Jan 2057$212,207
New conventional · ends Jan 2057$413,226