Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$464/mo
Lowest payment
Down payment
$332,687
Funds due
$343,054
Interest + MI left
$14,970
First ends
Sep 2052
Assumption

Assumption + second

$2,599/mo
+$2,135/mo
Down payment
$34,687
Funds due
$46,873
Interest + MI left
$485,537
First ends
Sep 2052
New loan

New conventional

$2,538/mo
+$2,074/mo
Down payment
$34,687
Funds due
$43,435
Interest + MI left
$453,583
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$12,213$12,213$310,213
Second mortgage—$298,000—
First P&I$84.22$84.22$2,101.49
Second P&I—$2,134.91—
Mortgage insurance$5.69$5.69$62.04
Taxes, insurance & HOA$374.00$374.00$374.00
Total housing payment$463.92$2,598.82$2,537.53

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,687
Closing costs & prepaids$12,186
Usable credit−$0
Total buyer cash needed$46,873
Earnest money paid−$0
Remaining funds due$46,873
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$414.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$20.63
Prepaid interest, second (9 days)$569.47

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 yr 9 moOf the original 27-year loan at 6.85%
Interest already paid$1,055Through Dec 2026
Assumption only · ends Sep 2052$14,970
Assumption + second · ends Sep 2052, second Jan 2057$485,537
New conventional · ends Jan 2057$453,583