Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,669/mo
Lowest payment
Down payment
$117,256
Funds due
$127,153
Interest + MI left
$242,364
First ends
Feb 2053
Assumption

Assumption + second

$2,369/mo
+$700/mo
Down payment
$30,256
Funds due
$41,597
Interest + MI left
$407,372
First ends
Feb 2053
New loan

New conventional

$2,151/mo
+$481/mo
Down payment
$30,256
Funds due
$38,215
Interest + MI left
$394,264
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$182,644$182,644$269,644
Second mortgage—$87,000—
First P&I$1,263.98$1,263.98$1,826.66
Second P&I—$700.02—
Mortgage insurance$135.25$135.25$53.93
Taxes, insurance & HOA$270.00$270.00$270.00
Total housing payment$1,669.23$2,369.25$2,150.59

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$30,256
Closing costs & prepaids$11,340
Usable credit−$0
Total buyer cash needed$41,597
Earnest money paid−$0
Remaining funds due$41,597
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Prepaid interest, first (9 days)$313.00
Prepaid interest, second (9 days)$193.07

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 closing26 yr 2 moOf the original 30-year loan at 6.95%
Interest already paid$49,838Through Dec 2026
Assumption only · ends Feb 2053$242,364
Assumption + second · ends Feb 2053, second Jan 2057$407,372
New conventional · ends Jan 2057$394,264