Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,059/mo
Lowest payment
Down payment
$122,771
Funds due
$134,227
Interest + MI left
$166,969
First ends
Jan 2052
Assumption

Assumption + second

$2,711/mo
+$652/mo
Down payment
$41,771
Funds due
$54,657
Interest + MI left
$320,597
First ends
Jan 2052
New loan

New conventional

$3,040/mo
+$981/mo
Down payment
$41,771
Funds due
$51,450
Interest + MI left
$545,723
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$292,229$292,229$373,229
Second mortgage—$81,000—
First P&I$1,390.30$1,390.30$2,528.38
Second P&I—$651.74—
Mortgage insurance$232.10$232.10$74.65
Taxes, insurance & HOA$437.00$437.00$437.00
Total housing payment$2,059.40$2,711.15$3,040.03

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$41,771
Closing costs & prepaids$12,886
Usable credit−$0
Total buyer cash needed$54,657
Earnest money paid−$0
Remaining funds due$54,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$363.00
Prepaid interest, first (9 days)$219.77
Prepaid interest, second (9 days)$179.75

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 1 moOf the original 30-year loan at 3.05%
Interest already paid$46,590Through Dec 2026
Assumption only · ends Jan 2052$166,969
Assumption + second · ends Jan 2052, second Jan 2057$320,597
New conventional · ends Jan 2057$545,723