Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,919/mo
Lowest payment
Down payment
$341,843
Funds due
$355,354
Interest + MI left
$262,055
First ends
Jun 2056
Assumption

Assumption + second

$3,932/mo
+$2,013/mo
Down payment
$60,843
Funds due
$76,141
Interest + MI left
$705,778
First ends
Jun 2056
New loan

New conventional

$4,165/mo
+$2,246/mo
Down payment
$60,843
Funds due
$72,581
Interest + MI left
$788,044
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$257,957$257,957$538,957
Second mortgage—$281,000—
First P&I$1,393.36$1,393.36$3,651.08
Second P&I—$2,013.12—
Mortgage insurance$119.10$119.10$107.79
Taxes, insurance & HOA$406.58$406.58$406.58
Total housing payment$1,919.04$3,932.16$4,165.46

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$60,843
Closing costs & prepaids$15,297
Usable credit−$0
Total buyer cash needed$76,141
Earnest money paid−$0
Remaining funds due$76,141
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,998.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$719.75
Prepaid interest, first (9 days)$317.39
Prepaid interest, second (9 days)$536.98

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 6 moOf the original 30-year loan at 4.99%
Interest already paid$6,464Through Dec 2026
Assumption only · ends Jun 2056$262,055
Assumption + second · ends Jun 2056, second Jan 2057$705,778
New conventional · ends Jan 2057$788,044