Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,449/mo
Lowest payment
Down payment
$91,667
Funds due
$101,470
Interest + MI left
$105,472
First ends
Feb 2051
Assumption

Assumption + second

$1,940/mo
+$491/mo
Down payment
$30,667
Funds due
$41,855
Interest + MI left
$221,167
First ends
Feb 2051
New loan

New conventional

$2,167/mo
+$718/mo
Down payment
$30,667
Funds due
$38,695
Interest + MI left
$390,832
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$206,333$206,333$267,333
Second mortgage—$61,000—
First P&I$977.85$977.85$1,811.01
Second P&I—$490.82—
Mortgage insurance$169.01$169.01$53.47
Taxes, insurance & HOA$302.17$302.17$302.17
Total housing payment$1,449.02$1,939.84$2,166.64

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$30,667
Closing costs & prepaids$11,188
Usable credit−$0
Total buyer cash needed$41,855
Earnest money paid−$0
Remaining funds due$41,855
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,980.00
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)$357.50
Initial HOA (3 months)$99.00
Prepaid interest, first (9 days)$141.44
Prepaid interest, second (9 days)$135.37

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 2 moOf the original 30-year loan at 2.78%
Interest already paid$36,184Through Dec 2026
Assumption only · ends Feb 2051$105,472
Assumption + second · ends Feb 2051, second Jan 2057$221,167
New conventional · ends Jan 2057$390,832