Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,174/mo
Lowest payment
Down payment
$56,834
Funds due
$67,912
Interest + MI left
$165,321
First ends
Sep 2051
Assumption

Assumption + second

$2,562/mo
+$387/mo
Down payment
$18,834
Funds due
$31,273
Interest + MI left
$266,721
First ends
Sep 2051
New loan

New conventional

$2,874/mo
+$699/mo
Down payment
$18,834
Funds due
$28,308
Interest + MI left
$500,468
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$303,066$303,066$341,066
Second mortgage—$38,000—
First P&I$1,435.94$1,435.94$2,310.50
Second P&I—$387.22—
Mortgage insurance$243.43$243.43$68.21
Taxes, insurance & HOA$495.00$495.00$495.00
Total housing payment$2,174.37$2,561.59$2,873.71

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$18,834
Closing costs & prepaids$12,439
Usable credit−$0
Total buyer cash needed$31,273
Earnest money paid−$0
Remaining funds due$31,273
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Initial HOA (3 months)$603.00
Prepaid interest, first (9 days)$218.96
Prepaid interest, second (9 days)$111.27

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 9 moOf the original 30-year loan at 2.93%
Interest already paid$49,871Through Dec 2026
Assumption only · ends Sep 2051$165,321
Assumption + second · ends Sep 2051, second Jan 2057$266,721
New conventional · ends Jan 2057$500,468